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Gas supply and demand hitting prices, not ‘pandemic profiteers,’ as Biden claims

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17.09.2021

President Biden participates in an economic forum on energy and climate.

Gasoline prices have been surging since President Biden came into office, and angry voters want to know why.

Could it be record-breaking gasoline demand, or perhaps energy policies by the Biden administration that discourage the production of fossil fuels, or could it be those nasty "pandemic profiteers"? The president thinks it's the latter.

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"We’re also going after the bad actors and pandemic profiteers on our economy. There's lots of evidence that gas prices should be going down but they haven't," he said during a briefing on Thursday. "We’re taking a close look at that."

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Energy experts are eager to see what he finds, because the majority, including me, with 30 years of experience following commodities, doubt there is any evidence at all.

Before I get into the nitty-gritty statistics, the one thing you have to remember about gasoline prices is that they are driven mainly by supply and demand. Since Joe Biden has been president, the gasoline demand has gone up faster than the supply. The other thing you have to remember about gasoline prices is that they are heavily influenced by the cost........

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