But President Biden has singled out oil companies as the scapegoat for high gas prices, accusing them of raising prices to boost their margins, while critics have responded by accusing the administration of hampering American energy production. South Carolina Trucking Association CEO Rick Todd joined “Fox & Friends First” to discuss the need to invest in U.S. energy even as progressives continue to push forward with the green energy agenda. SCALISE RIPS BIDEN COUNSEL TO ‘CALL’ FOR GAS PRICES WHICH ARE ‘ABOUT 60% HIGHER’ THAN IN EARLY 2021 “We should … as a country take a longer-term view, do what we can, put everything on the table,” Todd told co-host Carley Shimkus. then make sure that when you replace it, it’s scalable.” “Nobody wants to be force-fed alternative technologies or whatever until they’re done,” he continued. “So I think we put ourselves in this situation for no reason.” Todd blamed poor policies, seasonal demand ahead of the holiday season and the country’s refining capacity for rising energy costs. Experts worry that the diesel shortage, which is the worst in decades, will worsen already high consumer prices as suppliers are forced to cut costs. BIDEN UNDERSTANDS RUSSIA, SAUDI ARABIA FOR RAISING GAS PRICES Data released last week showed the U.S. has only 25 days of heating and trucking supplies. As a result, November delivery prices are already up nearly 40% for November. “There’s no way any company can absorb these cost increases, and any business that can’t pass on its costs isn’t going to be around for long,” Todd said. “Larger fleets are a little better able to deal with these types of conditions, but smaller fleets … 91 percent of the nation’s trucking fleet, these companies have six or fewer trucks.” President Biden spoke in Syracuse to support Micron’s $100 billion commitment to build a semiconductor. (White House) “So we’re really talking about Main Street type businesses and it’s a huge pressure to be able to keep up with those costs,” he continued. “They try to pass them on, but they rarely succeed 100%. Biden has faced scrutiny in recent months for shifting blame for rising prices at the pump. In particular, he has pointed to Putin’s war with Ukraine and OPEC+’s decision to cut oil production as top villains. GAS PRICES RISE: LOCAL NEWS ACROSS THE NATION HIGHLIGHTS THE PAIN AT THE PUMP Despite this, some critics have pushed back against his claims, urging him to tap into American energy production so the nation does not have to turn to foreign rivals for its basic energy needs. Mansfield Energy CEO Michael Mansfield echoed Todd’s sentiment about the country’s refining capacity and also cited supply chain shortages and regulations as obstacles to lower prices.
“There’s just a lack of product compared to three years ago,” Mansfield told co-host Brian Kilmeade. “The economy has bounced back a lot from the pandemic, but refining capacity in the United States is about … just over a million barrels per day with less capacity than we had in the past. There have been quite a few refinery shutdowns.” “These refineries won’t come back online and the product isn’t as available as it once was, so we have to import more or just pay higher prices,” he continued. CLICK HERE TO GET THE FOX NEWS APP Mansfield reiterated the need to look at price fluctuations through an economic lens, as opposed to a political one. “I think there’s a lot of misinformation about how this industry works and … where profits are or aren’t being made,” Mansfield said. “I think this industry is doing a great job and being very innovative in trying to keep the country supplied by moving products as efficiently and quietly as possible.” “Well, yes, it’s a concern, but I think it would be helpful to pay more attention to the actual supply-demand dynamics and less to the politics,” he continued. Bailee Hill is an associate editor with Fox News Digital. Story ideas can be sent to [email protected]