"[Big Oil companies should] …be patriots here and not to use the war as an excuse, or as a reason to not put out a production, to not do the capacity that is needed out there, so that the prices can come down," Jean-Pierre said.
Schork retorted, Thursday, arguing that oil companies "are not gouging" and that the Biden administration is the one to blame for record-high gas prices.
"[The] president the other day singled out Exxon for its egregious $5.5 billion profit that it reported in the first quarter. The company also paid $2.8 billion in taxes…I think that's pretty patriotic," he remarked.
On Thursday, the national average of one gallon of gas was exactly $5.00, according to AAA. Last year it was priced at $3.07 -- $1.93 less, as Americans continue to see skyrocketing prices at the pump.
The Schork Group principal Stephen Schork told FOX Business that Americans are seeing ‘egregious spikes’ in energy and food costs. (iStock / iStock)
Meanwhile, the Federal Reserve on Wednesday raised rates by 75-basis points for the first time in nearly three decades to tackle red-hot inflation.
Chairman Jerome Powell spoke at the Fed’s post-meeting press conference in Washington and told reports that policymakers may consider another 75-basis point increase in July.
"Clearly, today’s 75-basis-point increase is an unusually large one, and I do not expect moves of this size to be common," Powell said. "From the perspective of today, either a 50-basis-point or a 75-basis-point increase seems most likely at our next meeting."
The oil analyst weighed in on the direction he believes that the U.S. economy is going in.
"Recession is a forgone conclusion," Schork forecasted.