Biden Threatens Oil Companies With ‘Emergency Powers’ Over Gas Prices

President Joe Biden has now threatened to use “emergency powers” against oil companies to lower gas prices, which have hit record highs and surpassed a national average of $5 per gallon this week.

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Biden reportedly sent a letter to oil companies blaming them for high gas prices.

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“There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,” Biden wrote. “But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.”

The Biden administration has accused companies of price gouging, but Biden’s critics have pointed to his policies to prevent oil drilling and pipeline development.

Biden’s threat sparked major controversy.

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