Fact-Check: Biden Says Gas Companies Are Overcharging Americans at the Pump
CLAIM: Joe Biden on Tuesday claimed, without evidence, that gas companies are overcharging Americans at the pump by not passing on cost savings from lower wholesale gas prices to prices at the pump.
Gas prices are not abnormally high relative to either wholesale gasoline prices or crude oil prices. In fact, the ratios of wholesale gas prices to retail prices and that crude oil to retail gas prices are both currently below their ten-year averages. That indicates that consumers at the gas pump are paying around what would...