Oil companies are neither public utilities subject to cost of service regulation nor charitable organizations focused on public welfare. They function in a global market where prices for crude are set largely by OPEC production decisions and distillate products by refining capacity and short-term demand. We don’t tell sellers of $300 esrogim from Italy to “be patriotic” and sell their products for $50 so the poishete yid can be mehader mitzvah like his affluent brehthren. Their current prices aren’t even the highest (in real terms) relative to prior supply disruptions. Biden’s stupid comment to “be patriotic” and cut prices is indicative of the political and market economics naivete on BOTH sides of the debate.
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