Biden blames price gouging for high gas prices

#shorts On 10/31/2022, during a speech, Joe Biden blamed oil companies price gouging for high gas prices, “I think they have a responsibility to act in the interest of their consumers their community and their country to invest in America by increasing production and refining capacity because they’ve had they don’t want to do that they they have the opportunity to do that lowering prices for consumers to the pump you know if they don’t they’re going to pay a higher tax on their excess profits and face other restrictions my team will work with congress to look at these up these options that are available to us and others it’s time for these companies to stop war profiteering meet their responsibilities in this country and give the American people a break and still do very well the American people are going to judge who’s standing with them and who is only looking out for their own bottom line I know where I stand and I want to let you I’m going to hear more from you about this when the congress gets back.”

Biden and his allies have blamed many things for the high prices, and have also tried to pin the blame on the industry. The oil industry rebuked Biden’s comments, saying that more taxes would actually discourage production. “Increasing taxes on American energy discourages investment in new production, which is the exact opposite of what is needed. American families and businesses are looking to lawmakers for solutions, not campaign rhetoric,” said American Petroleum Institute President Mike Sommers in a written statement.

Any new taxes on oil profits would need congressional approval, which may prove difficult as Democrats control both chambers of Congress by slim margins. Progressives like Senators Bernie Sanders of Vermont and Elizabeth Warren of Massachusetts previously floated the idea.

longer version of this clip is here: https://youtu.be/gN3bNCv5RQ8 Biden blames price gouging for high gas prices