Opinion: It’s not corporate greed driving high gas prices, despite what politicians say
“The reason for that is because of Putin’s war,” said President Joe Biden.So some politicians simply blame “corporate greed.”Sen. Elizabeth Warren even introduced a bill to ban “price gouging.”“If big oil could raise prices anytime they wanted and get away with it, then why were they so cheap in 2020, 2019, 2018?” asks the Competitive Enterprise Institute’s Ben Lieberman.
During the COVID-19 pandemic, fewer people drove, and demand for gasoline dropped. So did its price. Oil drillers then did less drilling. Now demand is up because people are driving again.“It takes months, not days, for a company to increase production,” says Biden. This is so dumb. Stopping pipelines doesn’t even help the environment. Oil still gets shipped, but by truck, train and barge. That leads to more oil spills.Last fall, at a congressional hearing titled “Exposing Big Oil’s Disinformation Campaign to Prevent Climate Action,” grandstanding California Rep. Ro Khanna scolded oil executives for producing too much oil.
Hilariously, now that gas prices are up, Khanna goes on TV to complain that oil companies don’t produce more oil. “They’re still not increasing the production!” he whines.“It’s amazing what $4 a gallon gasoline in an election year will do to cause some people to change their minds!” says Lieberman.“We have to protect the Earth,” I say to Lieberman. “Sometimes the market isn’t the best director.”
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