Fact-Check: Biden Says Gas Companies Are Overcharging Americans at the Pump

Fact-Check: Biden Says Gas Companies Are Overcharging Americans at the Pump


CLAIM: Joe Biden on Tuesday claimed, without evidence, that gas companies are overcharging Americans at the pump by not passing on cost savings from lower wholesale gas prices to prices at the pump.

VERDICT: False. 

Gas prices are not abnormally high relative to either wholesale gasoline prices or crude oil prices. In fact, the ratios of wholesale gas prices to retail prices and that crude oil to retail gas prices are both currently below their ten-year averages.  That indicates that consumers at the gas pump are paying around what would be expected given the price of oil or the wholesale price of gasoline.

On Tuesday, the White House announced that the U.S. would release 50 million barrels of oil from the Strategic Petroleum

Trending: “Sudden Deaths” Begin to Emerge in 5-11 Age Bracket After EUA Granted For Experimental COVID-19 Injections

Continue reading

You Might Like

 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Thanks for sharing!
Send this to a friend