Senate Democrats Scapegoat Gas Companies for Biden’s Failures 

Senate Democrats Scapegoat Gas Companies for Biden’s Failures 

June 7, 2024

The majority of Senate Democrats, led by Chuck Schumer (D-NY), have accused oil and gas companies of colluding to inflate prices based on suspect claims from the Federal Trade Commission (FTC). This is only the most recent attempt by the left to shift the blame of the economy’s woes on their political opponents. 

The Wall Street Journal Editorial Board discusses the shaky evidence these senators are providing,

“Their letter cites the Federal Trade Commission’s recent allegation that former Pioneer Natural Resources CEO Scott Sheffield attempted to collude with the Organization of the Petroleum Exporting Countries to restrain production.”

The FTC based this supposed “collusion” off his contact with a US analyst and text messages containing public information such as news articles. Senate Democrats are using these claims to distract from the disastrous policies the Biden administration has enacted on the oil and gas industry. 

“Meanwhile the Administration has introduced a torrent of regulation to reduce U.S. production, including last month banning new development in much of Alaska’s National Petroleum Reserve. To counteract these policies, it has released nearly 270 million barrels from the Strategic Petroleum Reserve. Who’s trying to manipulate oil prices?”

Gas prices now sit at an average of $3.47 a gallon, not due to collusion but because of high interest rates and inflation caused by the Biden administration. Despite this political witch hunt and harmful policies, US oil production continues to exceed its pre-pandemic peak and has increased by 2 million barrels a day since Russia’s invasion of Ukraine. One could only imagine the even greater success the industry would be enjoying if it was under an administration who supported it rather than the current one which persecutes it.