On the campaign trail, Joe Biden promised to put the fossil fuel industry out of business and after stealing the White House, he took steps to do just that. With the midterms approaching, Joe has figured out that nobody will vote for democrats when gas is $5 a gallon, so now he’s threatening to tax the shit out of oil companies if they don’t increase the production he shut down.
Biden has tried everything, except restoring American’s energy independence that he killed, to get gas prices down ahead of the midterms. He’s depleted the Strategic Petroleum Reserves and begged the Saudis to increase oil production. The Saudis in turn cut oil production and Biden sold our Petroleum reserves to China and for some reason gas prices have remained high.
With a week to go before the democrats get their asses handed to them in the midterms, Biden pulled one last trick out of his own ass:
“[Oil companies] have a responsibility to act in the interest of their consumers, their community and their country, to invest in America by increasing production and refining capacity,” said Biden.
Oh yeah? What are you going to do about it if they don’t, Joe?
“If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions,” Biden threatened.
There you have it: Biden’s big strategy to lower gas prices is to issue empty threats to the oil companies. I’m sure they are all laughing because Biden doesn’t actually have the authority to impose higher taxes on them. That would require an act of Congress and the oil companies can see the red wave coming next week.
A Republican controlled Congress isn’t going to pass any tax increase, let alone one on oil companies that would certainly increase gas prices. Here’s a little known secret of economics: when democrats raise taxes on companies, those companies pass that added expense on to the consumer.
Biden prefaced this empty threat by complaining that the oil were making “record profits.” Here’s another little known economic secret: when supply is low and demand is high, prices go up and producers make more money. Is the law of supply and demand and the first thing you learn about in Econ 101.
And the reason why supplies are low is because put into effect several policies that suppressed oil production. Now he’s demanding that the oil companies find away around his oil production-killing policies. That’s a special kind of asshole who does that.
Also, Biden is demanding that oil companies invest in more refineries so they can make more gas. The thing about that is, Biden and the democrats are constantly saying this country is “transitioning” to green energy and the fossil fuel industry will be dead. Why would a company invest billions of dollars into a new refinery if the democrats are working overtime to kill off their business?
This is Biden demanding that the oil companies invest all their money into something he and his eco-nazi party plan on shutting down in the very near future. In another economic secret, that’s what’s known as a really shitty investment.
The most insane thing about this is, even if oil companies heed Joe Biden’s threat and start building new refineries, it would be years, maybe a decade, before they get online and start ramping up production. He won’t even be alive to see it but the point is, this ain’t going to save the democrats in the midterms next week.
