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Transcripts for FOXNEWS America Reports With John Roberts Sandra Smith 20220317 17:55:00

That we are in for the biggest supply crunch we have seen in decades. their words. they say it s going to lead to more inflation, purchasing power loss and reduction in growth in the economy. as you report, democrats in both the house and in the white house are now blaming big oil for this. i read from a letter sent by frank palone, he says i m deeply concerned the oil industry is not taking all actions in its power to lower domestic gas prices. instead, the industry appears to be taking advantage of the crisis for its own benefit. that s when they say, belies a bit of a misunderstanding about how the oil business operates. big oil does not really control the price at the pump as much as you might think. john. john: all right, jeff flock for us. still waiting for the prices to come down. sandra. sandra: all right, thanks to jeff for that report. we are standing by for remarks ....

White House , Purchasing Power Loss , Supply Crunch , Oil Industry , Frank Palone , Gas Prices , Oil Business , Sandra Smith , John Roberts , Jeff Flock Reporting ,