Oil and gas company execs: We would love to bring gas prices down
IPAA Executive Vice President Dan Naatz and Western Energy Alliance President Kathleen Sgamma rip President Biden for gas price surge.
Oil and gas industry representatives blasted President Biden Wednesday for blaming companies for the gas price surge.
"Which is it? You can’t blame Putin and us at the same time. The bottom line is we are not price makers, we are price takers. We suffer from low prices and then we have higher prices. That is based on the price of oil globally," Western Energy Alliance President Kathleen Sgamma told "Fox & Friends."
Sgamma said that demand for oil has risen and there are "various factors" that go into the price of oil, including the fallout from Russia's invasion of Ukraine.
"But we are not setting that price. We would love to produce more in the United States and help to bring those prices down."
BIDEN TOOK CREDIT FOR DIP IN GAS PRICES, NOW SHEDS RESPONSIBILITY DURING SPIKE
White House press secretary Jen Psaki speaks during a press briefing at the White House, Friday, March 4, 2022. (AP Photo/Carolyn Kaster) (AP Photo/Carolyn Kaster)
At first, Biden blamed Russia for spike in gas prices. Recently, the commander-in-chief cast blame on U.S. energy companies.
President Biden posted a tweet on March 16th claiming oil and gas companies were padding their profits at the expense of hardworking Americans.
"Oil prices are decreasing, gas prices should too," the president tweeted. "Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it's $4.31. Oil and gas companies shouldn't pad their profits at the expense of hardworking Americans."
Independent Petroleum Association of America Executive Vice President Dan Naatz said gas and oil companies are "frustrated" with the Biden administration’s "relentless assault" on American oil and natural gas producers over the past year.
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"Increased regulations, talk of taxes, our members get frustrated when the administration, Jen Psaki just seem to say, now that we are facing an energy crisis, go out and produce like the snap of a finger. It is just not possible and as we face this relentless attack, we will have to do a lot of work. And you want to start a dialogue with the administration to address the challenges," he told host Ainsley Earhardt.
The trade groups sent a letter to the White House Friday criticizing the administration's "deep hostility" toward oil and gas companies and their workers.