American consumers are paying a lot more than usual for gasoline, but economists don’t lay the blame on price gouging.
The market is driving up prices because D.C. politicos banned crude oil imports from Russia—the third-largest oil producing nation—in the wake of its invasion of Ukraine.
But President Joe Biden and a lot of members of Congress don’t see it that way.
“American oil and gas companies should not—should not exploit this moment to hike their prices to raise profits,” Biden declared during a Feb. 24 speech at the White House.
