"It's not the Biden administration's energy policies nor Big Oil illegally manipulating prices."
"On Wednesday, amid a fresh surge in gas prices, the Biden administration announced that it had asked the FTC to investigate whether oil and gas companies were doing anything illegal to manipulate prices. Republicans have countered that it’s a cheap political stunt and blamed President Joe Biden’s energy policies.
But the truth, experts say, is not as easy as either side makes it out to be. In fact, the biggest driver may not be oil companies or politicians. Instead, the price surge is largely driven by the whims of international producers and U.S. investors.
The cost of gas has risen 50% compared to last year, according to AAA data. That same data shows the average price of a gallon in the U.S. is $3.41, though a gallon is even more pricy in some states. California leads the way, with gas costing $4.70 per gallon on average.
“Big Oil is fueling climate change and siphoning money away from struggling families with high gas prices, all while spending huge sums lobbying climate deniers and preventing us from shifting gears to cheaper and cleaner alternatives,” Democratic Sen. Ed Markey tweeted Wednesday."