The Biden Administration’s International Energy Affairs advisor Amos Hochstein said Monday on CNBC’s “Squawk Box” that the administration drained the Strategic Petroleum Reserve (SPR) in part to help save the “global economy.”
Host Joe Kernen noted the Biden Administration consistently accused oil companies of price gouging, but since gas prices have dropped the administration has moved away from that talking point.
“So if oil companies and refiners were able to control the prices and gouge and profiteering at the higher levels, why does the Biden administration get credit when market forces take over and they do come down?” Kernen asked, adding whether “they just say this stuff to their base?”
“We released from the SPR, I had conversations as did others, my colleagues, with CEOs and other senior executives in the oil industry in the United States,” Hochstein said.
Host Joe Kernen noted the Biden Administration consistently accused oil companies of price gouging, but since gas prices have dropped the administration has moved away from that talking point.
“So if oil companies and refiners were able to control the prices and gouge and profiteering at the higher levels, why does the Biden administration get credit when market forces take over and they do come down?” Kernen asked, adding whether “they just say this stuff to their base?”
“We released from the SPR, I had conversations as did others, my colleagues, with CEOs and other senior executives in the oil industry in the United States,” Hochstein said.
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