“Relying upon volatile sources of fuel from countries that may not have our best interests at heart hurts the American people,” she said.
Granholm said diversifying U.S. energy sources to include more clean energy is “the best strategy long term.”
She pointed to the Build Back Better and Infrastructure plan to cut energy costs, invest in the supply chain and create more jobs in the clean energy sector.
“Our administration is deeply committed to tackling this existential threat by transitioning to clean energy,” she said.
“To be clear the president does not control the price of gasoline. No president does,” she said.
Granholm said there is a “global mismatch in oil supply and demand.”
The oil supply is low amid high demand as economies around the world recover from the pandemic.
She said the Biden administration is “leaving no stone unturned” to examine the price discrepancies “between the price of unfinished gasoline and the average price at the pump.”
“We’re experiencing the strongest economic recovery in the world,” he said. “Even after accounting for inflation, our economy is bigger and our families have more money in their pockets than they did before the pandemic. America is the only major economy in the world that can say that.”
He added that household income and the economy as a whole is stronger now than it was before COVID-19 hit.
“My effort to combat climate change is raising the price of gas,” Biden said.
He said his environmental measures are creating jobs in clean energy that will reduce energy costs.
“Let’s do that, let’s beat climate change with more extensive innovation and opportunities,” he said.
He said the price of gasoline on the wholesale market has fallen but the price at the pump “hasn’t budged a penny.”
“In other words, gas supply companies are paying less and making a lot more,” he said. “They do not seem to be passing that along to consumers at the pump.”
He accuses gas companies of “pocketing the difference as profit.”
Therefore, he asked the Federal Trade Commission (FTC) to consider whether “potentially illegal, non-competitive behavior” in the oil and gas industry is causing higher prices for consumers “so we can assure American people are paying a fair price of gasoline.”
He said that while the problem won’t be solved overnight, the prices at the gas pump will go down. In the longer term, Biden said the country will reduce its reliance on oil as its shifts towards cleaner energy.
“Right now, I will do what needs to be done to reduce the price you pay at the pump,” he said.
He said his Port Action Plan is working. The plan invested in ports, like those in Los Angeles and Long Beach, to relieve bottlenecks and ramp up operations to 24/7.
Biden said the burden on the supply chain is easing, as large retailers assured him their stocks will be fully stocked with food and other products for the holidays.
“More goods are moving more quickly and more cheaply out of our ports, onto your doorsteps, and onto store shelves,” he said.
These remarks come as Biden announced authorized the release of 50 million barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) in an effort to ease gas prices ahead of the Thanksgiving holiday.
FULL STORY: Joe Biden, Under Fire Over Inflation, Moves to Bring Down Gas Prices Before Thanksgiving
