Petroleum prices are determined by market forces of supply and demand, not individual companies, and the price of crude oil is the primary determinant of the price we pay at the pump. Oil prices are at a seven-year high amid a persistent global supply crunch, workforce constraints, increasing geopolitical instability in Eastern Europe, the economic rebound following the initial stages of the pandemic, and policy uncertainty from Washington.Policy choices matter. American producers are working to meet rising energy demand as supply continues to lag, but policy and legal uncertainty is complicating market challenges.The administration needs an energy-policy reset, and Europe is a cautionary tale. We need not look further than the situation in Europe to see what happens when nations depend on energy production from foreign sources that have agendas of their own. There is more policymakers could do to ensure access to affordable, reliable energy, starting with incentivizing U.S. production and energy infrastructure and sending a clear message that America is open for energy investment.Dozens of FTC investigations throughout history have not produced a single case of price gouging, and the American people are looking for solutions, not finger pointing. The price at the pump that Americans are currently paying is a function of increased demand and lagging supply combined with the geopolitical turmoil resulting from Russia's aggression in Ukraine.Lawmakers should focus on policies that increase U.S. supply to help mitigate the situation rather than political grandstanding that does nothing but discourage investment at a time when it's needed the most.

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