'This system is being gamed': DC insider explains how Biden should target gas price gouging
On Wednesday's edition of CNN's "OutFront," former Bill Clinton adviser James Carville zeroed in on what President Joe Biden and his allies should be doing to combat rising gas prices in the United States.
Specifically, he argued, they should be fighting to pass the House bill taxing excess profits from oil companies, to pressure them against gouging consumers.
"Here we are, gas prices confronting Americans every single day, people are paying twice as much to fill up their tanks as they were a year ago," said anchor Erin Burnett. "If you are advising the White House, what would you tell them to do?"
"That is a pretty important number," said Carville. "I will tell you who is not facing this: Exxon and Shell ... one of the things we can do is tax profits and return it to consumers."
"I don't think the president can do anything about the rising gas prices, this is not natural, this system is being gamed," continued Carville. "They know it in the U.K., the Democrats know it in the United States, and the bill passed the House and is headed to the Senate, I hope they get some relief."
Gas prices are at a record nominal high, with average prices exceeding $5 per gallon in over half a dozen states. However, price per mile driven remains relatively low compared to most of the 20th century. Experts point to many causes behind the recent surge in prices, including the war in Ukraine, a surge in demand from the end of pandemic lockdowns and the summer driving season, and a reluctance by oil companies to bring pre-pandemic drilling operations back online in anticipation of future decline of their industry.
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