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US Democrats find themselves at the mercy of Big Oil ahead of the midterms

 

Joe Biden has asked oil companies to increase supply and lower prices at their own expense while threatening them with higher taxes. But will it help the Democrats’ election chances?

In direct opposition to the Democratic Party’s green agenda, US President Joe Biden has ordered the oil industry to ramp up production and lower prices – or else. But does the US leader have the power to control the free market?

As public sentiment over the US economy begins to boil, Biden is attempting to shift the blame onto the oil industry for hoarding profits while keeping prices at the pumps excessively high, thereby strangling economic growth.

“It’s time for these companies to stop war profiteering, meet their responsibilities in this country and give the American people a break and still do very well,” Biden told reporters in the White House this week. “If they don’t … they’re going to pay a higher tax on their excess profits and face higher restrictions.” The US leader said he would “work with Congress to look at these options that are available to us and others.”…

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