Eric Boehm of Reason writes on Biden’s Big Oil blame game.
- President Biden and his progressive cohorts are accusing oil companies of price gouging to increase profits.
- Energy prices are largely determined by global markets and supply and demand, not corporate greed.
- While there is little that Biden can do to lower prices in the short term, reducing regulations and approving the build out of key infrastructure can bring more supply to market which would slash energy costs in the future.
“Biden can’t flip a magic switch to increase the gasoline supply or otherwise bring down prices at the pump. Expanding the available supply supply of crude oil or the capacity of refineries takes time and money—and those investments are less likely to happen as long as the federal government’s long-term energy policies are aimed at reducing the role of fossil fuels in the economy.”
Read the full article here.