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Tags: energy industry | supply and demand | joe biden | misunderstanding

Energy Industry Group Head to Newsmax: WH Misunderstands Supply and Demand

(Newsmax/''Spicer & Co.'')

By    |   Tuesday, 05 July 2022 07:25 PM EDT

The president of the U.S. Oil & Gas Association, Tim Stewart, told Newsmax on Tuesday that ''there seems to be this fundamental misunderstanding of supply and demand'' in the White House and that President Joe Biden's recent tweet telling energy companies to lower their prices is ''doing a disservice to Americans'' because ''it just doesn't work that way.''

''We are a very, very big and complex industry and, for whatever reason, you know, that tweet, for example, just seems to be doing a disservice to Americans by saying that the oil and gas industry can flip a switch and have more product and bring down prices,'' Stewart said on ''Spicer & Co.''

''It just doesn't work that way,'' he continued. ''The reality is that we require an awful lot of capitalization, and when the White House, through its communications over the last 18 months, has said, 'We're going to sunset this industry, we're going to make it go away' — that sends a clear message to Wall Street that maybe we ought to slow-walk the investment that needs to be made in this industry.''

Stewart said that a recent meeting spoke volumes about how the oil and gas industry is regarded in the Biden administration.

''There was a high-profile meeting a few days ago, with regards to the companies who had refining operations, that was held by the secretary of energy,'' he said. ''You know, the president chose to go to the wind energy meeting instead, which is he sort of avoided the hard discussion in advance of the easy one.''

After Biden's tweet about lowering prices at the pump, Stewart's organization fired back at the administration, writing, ''Working on it Mr. President. In the meantime – have a happy 4th and please make sure the WH intern who posted this tweet registers for Econ 101 for the fall semester …''

When asked about the organization's response, Stewart said that the ''tweet was a little tongue-in-cheek,'' but ''the reality is if somebody who tweeted that was higher than an intern, then that's a little disturbing'' because ''people in the communications shop in the White House don't understand basic economics, and that should be [a] concern for all of us.''

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The president of the U.S. Oil & Gas Association, Tim Stewart, told Newsmax on Tuesday that ''there seems to be this fundamental misunderstanding of supply and demand'' in the White House.
energy industry, supply and demand, joe biden, misunderstanding
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2022-25-05
Tuesday, 05 July 2022 07:25 PM
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