Blame it on Biden.That’s easy enough. But look deeper. Two things to consider:
First off, oil companies have increased profits to record-setting levels in the billions and are using that money to buy back stock which lines their investors’ pockets and puts the pressure on these companies to keep supply low and prices high. Biden and Democrats are trying to regulate these shenanigans with passage by the House of the Consumer Fuel Price Gouging Prevention Act. But you know Republicans would rather let the oil companies manipulate the market than pass any “horrid” government regulation. And so, oil companies will continue to gouge the public and the Republican messaging will blame Biden.
Look closer people.
Secondly, shippers have raised prices up to 1,000% during this supply market crunch and their profits in some cases have risen over 150%. More price gouging. This time there is some bipartisan support for the Ocean Shipping Reform Act. Thank you to Republicans for being willing to look closer on this one. There is a chance it will get through both houses of Congress.
Look closer people. Accepting the “Blame Biden” rhetoric is keeping you in the dark and your hard-earned dollars going out the door to corporate shareholders and executives.