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Biden blames oil companies for rising prices

Biden blames oil companies for rising prices

According to US President Joe Biden, oil companies are largely to blame for petrol price hikes in the US. They buy cheap crude oil in the wholesale market and then sell gasoline at petrol stations at a higher price. At the same time, they cash in on the difference. 

Joe Biden believes that the sharp rise in petrol prices in the US could be the result of illegal activities by oil companies. He called on the authorities to check the legality of the oil corporations' actions.

The US president says the suspicion of crude market manipulation arose after the authorities decided to take advantage of strategic oil reserves. "The price of gasoline in the wholesale market has fallen by about 10% over the last few weeks. But the price at the pump hasn't budged a penny. In other words, gas supply companies are paying less and making a lot more. And they do not seem to be passing that on to the consumers at the pump," Biden stressed.

Eventually, Joe Biden called on the Federal Trade Commission to investigate whether oil-and-gas companies are participating in illegal conduct. Earlier, Energy Secretary Jennifer Granholm said that petrol prices for consumers were too high. The cost of fuel hits the pockets of Americans. Granholm urged energy companies to increase supplies of crude oil. At the same time, she reminded that oil companies make "enormous profits" when the population is barely coping with financial difficulties.

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