“This is a distraction from the fundamental shift that is taking place and the ill-advised government decisions that are exacerbating this challenging situation,” Frank Macchiarola, the API’s senior vice president of policy, economy and regulatory affairs, said in a statement to CNN.
Biden asked the FTC on Wednesday to “immediately” investigate whether illegal activity by oil and gas companies is lifting gasoline prices.
“Rather than launching investigations on markets that are closely regulated and closely monitored on a daily basis or pleading with OPEC to increase supply,” the API executive wrote, “we should be encouraging the safe and responsible development of American-made oil and natural gas.”
The API explained the price spike by pointing to how demand has returned as the economy has reopened, outpacing supply.
“Further impacting the imbalance is the continued decision from the administration to restrict access to America’s energy supply and cancel important infrastructure projects,” Macchiarola said.