President Joe Biden has called for an investigation into persistently high gasoline prices. With the average price of gas.
Hilarious.
Mr. Biden suggested that pandemic "profiteers" might be to blame.
"There's lots of evidence that gas prices should be going down — but they haven't," he said Thursday. "We're taking a close look at that."
Personally I see the reason being
1. High Demand
Phil Flynn, an energy analyst at the Price Futures Group and a critic of Mr. Biden's energy policy, said prices reflect demand. "I'm not seeing any profiteering or bad actors," Flynn said.
2. Low Production
Energy economist Philip Verleger said gasoline prices are being propped up by U.S. independent producers and OPEC members limiting their oil production
3. Supply disruptions
Jeffery Born, an energy markets expert at Northeastern University, said current gasoline prices are partly a result of production and refining capacity that was knocked offline by Hurricane Ida and partly a result of other shortages — even a shortage of tanker drivers.
"In short, I think we are having supply-chain problems," Born said. "I'm sure Joe wants prices to come down — you and I do, too. I'd also like to be 20 pounds lighter tomorrow."