Commenting on perhaps the most absurd moment of the Xi-Biden virtual summit, which as we learned last last night, was the US president begging China to release oil from its strategic petroleum reserve (ostensibly because due to opposition by Democrats in the US such as top House Democrat Steny Hoyer, Biden can’t do that), Rabobank’s Michael Every said that it was “an odd power dynamic when one is a massive energy exporter, and the other a massive energy importer.”
Alas, it does not appear that China will rush to comply with Biden’s demands, and with gasoline soaring and becoming a major political headache for the Democrats ahead of the midterms…
… Biden, or rather his handlers, are now scrambling to come up with ways to push gas prices lower.
We got the latest lightbulb moment from the administration this morning, when moments ago Biden sent a letter to FTC Chair Lina Khan to call attention to “mounting evidence of anti-consumer behavior by oil and gas companies” alleging that he won’t accept “hard-working Americans paying more for gas because of anti-competitive or potentially illegal conduct.”
It wasn’t clear what if any evidence was “mounting.”
“I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct,” Biden said, claiming that “gasoline prices at the pump remain high, even though oil and gas companies’ costs are declining” and
ordered asked the FTC to “consider illegal conduct” which is costing families at the pump, urging the FTC to “immediately” use “all tools” to examine price wrongdoing. No “proof” of any wrongdoing was provided either, although we are confident that Igor Danchenko is busy creating a dossier full of “evidence” to buttress Biden’s case.
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