Oil: Biden desperately asks China for help and launches federal investigations
It is useless to hide that Joe Biden is desperate for the high energy prices which, in the US, are mainly linked to the growth in oil prices and therefore fuel prices.Unfortunately, US reserves are already very low and it is not possible for the President to order the release. of further quantities. Here is an explanatory graph of the reserve situation
For this reason, and for an energy crisis of which he, with the Democratic governors, is the main culprit, Biden has resolved to make two truly extreme decisions:
- according to SCMP it had to stoop to asking China to release part of its strategic reserves to help contain the world price of black gold, thus making itself weak in the face of an unfriendly power eager to take its place as leader world;
- She sent a letter to the president of the FTC (Federal Trade Commission), Lina Khan, asking her to keep fuel prices under control because, she said, there is a danger that " Americans are paying more for fuel prices due to the anti-competitive and potentially illegal behavior of oil companies “.
BIDEN ASKS FTC TO USE ALL TOOLS TO EXAMINE GASOLINE PRICING WRONGDOING… ..LOL, $ 3.42 / gal average. Oil price $ 1.95 / gal plus $ 0.57 / gal gasoline taxes that's almost 75% of your total cost right there Joey
– GreekFire23 (@ GreekFire23) November 17, 2021
This last part is, quite clearly, a beautiful and good threat to oil companies, also because Biden has no evidence of this collusive behavior, but, despite this, he asks a federal body to specifically use all the tools at its disposal. to investigate.
We spoil the surprise by revealing the ending of the investigation: no wrongdoing will be found . After all, about the huge profits of the oil companies, where the White House was last year when all the energy companies were on the verge of bankruptcy due to the price of WTI oil going negative, forcing them to make tens of billions in debt just survive, while gasoline was the cheapest in recent years? Maybe Biden had Judo, and with him all the Democrats.
After all, the price of gasoline is slavishly following that of oil:
Biden is desperate because, with energy prices soaring, the hope of winning, or at least limiting the damage, in the Midterm elections is reduced to a flicker. In this situation, the rooms will change color next year, barring twists and turns.
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The article Petrolio: Biden desperately asks China for help and launches federal investigations comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/petrolio-biden-alla-disperazione-chiede-aiuto-alla-cina-e-lancia-indagini-federali/ on Wed, 17 Nov 2021 18:11:47 +0000.