11/17/2021, 6:13 PM (Source: TeleTrader)
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API slams Biden's letter to FTC, gov't energy policies

The American Petroleum Institute (API), the largest trade association for the United States energy industry that represents nearly 600 corporations, criticized US President Joe Biden's instruction to the Federal Trade Commission to investigate what he claims is "mounting evidence of anti-consumer behavior" by energy companies related to gasoline prices.

API's Senior Vice President of Policy, Economics and Regulatory Affairs Frank Macchiarola said in a statement on Wednesday that Biden's action represents "a distraction from the fundamental market shift that is taking place and the ill-advised government decisions that are exacerbating this challenging situation."

"Demand has returned as the economy comes back and is outpacing supply," the API executive specified, adding that "the continued decision from the administration to restrict access to America's energy supply and cancel important infrastructure projects" is bringing more imbalance into the market. "Rather than launching investigations on markets that are regulated and closely monitored on a daily basis or pleading with OPEC to increase supply, we should be encouraging the safe and responsible development of American-made oil and natural gas," Macchiarola concluded.

Baha Breaking the News (BBN) / MS