Energy Group Leader Claims White House Doesn’t Understand Economics

During an appearance on Newsmax’s “Spicer & Co.” on Tuesday, the president of the U.S. Oil & Gas Association asserted that “there seems to be this fundamental misunderstanding of supply and demand” within the White House and that President Joe Biden’s recent tweet demanding that energy companies lower their prices is “doing a disservice to Americans” because “it just doesn’t work that way.”

Tim Stewart, the president of the U.S. Oil & Gas Association, called out the Biden administration for their lack of knowledge and understanding regarding the oil and gas industry, and for misleading the American people.

“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,” he said.

The Oil & Gas Association president also stated that the Biden administration’s anti-fossil fuel statements and actions have led investors to be hesitant to spend money in the oil and gas industry, which has helped fuel skyrocketing gas prices.

“It just doesn’t work that way,” he said. “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 went on to note that a recent meeting spoke volumes about how the oil and gas industry is regarded in the White House.

“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.”

Following Biden’s tweet demanding that prices be lowered at the pump, the Oil & Gas Association fired back at the president in a scathing tweet pointing out that the individual that wrote the social media post clearly doesn’t understand basic economics.

“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…” Stewart’s organization wrote.

When asked about the tweet, Stewart said that it “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 that would mean that “people in the communications shop in the White House don’t understand basic economics, and that should be [a] concern for all of us.”