tnphil
Don't screw with an engineer
"Do it now", says the Furher. Not a month from now, too close to mid-terms.
Business
Biden pumped up, demands gas stations slash prices at the pump: ‘Do it now’
By Ariel Zilber
September 27, 2022 | 1:14pm
President Biden lashed out at gas stations on Tuesday for allegedly being tardy in lowering the price of fuel in line with dropping oil prices.
More On: gas prices
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During a meeting Monday with economic aides, Biden lamented that while crude prices fell sharply last month, it has taken a “long time” for the drop in price to trickle down to the consumer.
“We haven’t seen the lower prices reflected at the pump though. Meanwhile, oil and gas companies are still making record profits — billions of dollars in profit,” the president said Monday.
“My message is simple. To the companies running gas stations and setting those prices at the pump: Bring down the prices you’re charging at the pump to reflect the cost you pay for the product.”
President Biden on Monday demanded that gas stations move to lower fuel prices for consumers.
President Biden on Monday demanded that gas stations move to lower fuel prices for consumers.
Getty Images
Biden’s comments, which were posted by the White House, were reported by Insider.
The president exhorted gas stations to pass along savings to customers more quickly.
“Do it now,” Biden said. “Do it now. Not a month from now — do it now.”
“And it’s going to save people a lot of money.”
The average cost of a gallon of fuel nationwide is some 17% higher compared to a year ago, according to AAA.
The average cost of a gallon of fuel nationwide is some 17% higher compared to a year ago, according to AAA.
Anthony Behar/Sipa USA
Bob Bilbruck, CEO of business strategy firm Captjur, told The Post that Biden was “way off base.”
“I grew up in the convenience store gas station business,” Bilbruck said.
“Margins are razor-thin in these operations and depending on their relationship in the buying ecosystem, they may be buying from a bulk fueler or directly from the producer [so] we are talking very little difference in prices,” he said.
Since gas station owners work on small margins, they are under “constant competitive pressures from the station next door to keep their prices competitive.”
“This is simple supply and demand,” Bilbruck told The Post.
“You have less drilling going on and less oil and gas being refined — prices go up.”
He added: “It’s basic economics — if Biden wanted to make a true impact and get costs down for the consumer, there are many things he could do.”
Gas prices have ticked up following 99 consecutive days during which they fell.
Gas prices have ticked up following 99 consecutive days during which they fell.
Getty Images
Free-market advocates also did not take too kindly to the president’s comments.
“Having the president of the country pressuring private companies into cutting profit is not a good look at best,” geopolitical analyst Irina Tsukerman, who heads Scarab Rising, told The Post.
“These comments indicate that Biden is avoiding responsibility for his own contribution to the price crisis — the policies that have driven up the gas prices to begin with, failure to allow for leases on federal land, the shutdown of pipeline projects, the gas tax hike, among others.”
The average price of a gallon of fuel ticked up to $3.75 nationwide on Tuesday — which is 17% higher compared to a year ago, when the cost was $3.19 per gallon.
Biden administration officials touted the drop in gas prices from mid-June, when they reached a record high of $5.02.
What do you think? Post a comment.
Last week, gas prices rose for the first time, snapping a 99-day streak of falling prices.
Gasoline prices mostly reflect trends in global oil prices, and crude — both the US benchmark and the international Brent — have been slumping since mid-June on growing fears of a global recession that would reduce demand for energy.
US crude rose $0.73 on Tuesday, closing at $77.44 a barrel. Brent crude jumped 1.32% to $85.17 a barrel.
nypost.com
Business
Biden pumped up, demands gas stations slash prices at the pump: ‘Do it now’
By Ariel Zilber
September 27, 2022 | 1:14pm
President Biden lashed out at gas stations on Tuesday for allegedly being tardy in lowering the price of fuel in line with dropping oil prices.
More On: gas prices
Americans have lost $4.2K in income under Biden, says study
Bruce Pearl rips Rep. Rashida Tlaib over fossil fuel defunding
US gas prices rise, ending 98-day streak of declines
Inflation hits 8.3% in August — worse than expected — as core prices spike
During a meeting Monday with economic aides, Biden lamented that while crude prices fell sharply last month, it has taken a “long time” for the drop in price to trickle down to the consumer.
“We haven’t seen the lower prices reflected at the pump though. Meanwhile, oil and gas companies are still making record profits — billions of dollars in profit,” the president said Monday.
“My message is simple. To the companies running gas stations and setting those prices at the pump: Bring down the prices you’re charging at the pump to reflect the cost you pay for the product.”
President Biden on Monday demanded that gas stations move to lower fuel prices for consumers.
President Biden on Monday demanded that gas stations move to lower fuel prices for consumers.
Getty Images
Biden’s comments, which were posted by the White House, were reported by Insider.
The president exhorted gas stations to pass along savings to customers more quickly.
“Do it now,” Biden said. “Do it now. Not a month from now — do it now.”
“And it’s going to save people a lot of money.”
The average cost of a gallon of fuel nationwide is some 17% higher compared to a year ago, according to AAA.
The average cost of a gallon of fuel nationwide is some 17% higher compared to a year ago, according to AAA.
Anthony Behar/Sipa USA
Bob Bilbruck, CEO of business strategy firm Captjur, told The Post that Biden was “way off base.”
“I grew up in the convenience store gas station business,” Bilbruck said.
“Margins are razor-thin in these operations and depending on their relationship in the buying ecosystem, they may be buying from a bulk fueler or directly from the producer [so] we are talking very little difference in prices,” he said.
Since gas station owners work on small margins, they are under “constant competitive pressures from the station next door to keep their prices competitive.”
“This is simple supply and demand,” Bilbruck told The Post.
“You have less drilling going on and less oil and gas being refined — prices go up.”
He added: “It’s basic economics — if Biden wanted to make a true impact and get costs down for the consumer, there are many things he could do.”
Gas prices have ticked up following 99 consecutive days during which they fell.
Gas prices have ticked up following 99 consecutive days during which they fell.
Getty Images
Free-market advocates also did not take too kindly to the president’s comments.
“Having the president of the country pressuring private companies into cutting profit is not a good look at best,” geopolitical analyst Irina Tsukerman, who heads Scarab Rising, told The Post.
“These comments indicate that Biden is avoiding responsibility for his own contribution to the price crisis — the policies that have driven up the gas prices to begin with, failure to allow for leases on federal land, the shutdown of pipeline projects, the gas tax hike, among others.”
The average price of a gallon of fuel ticked up to $3.75 nationwide on Tuesday — which is 17% higher compared to a year ago, when the cost was $3.19 per gallon.
Biden administration officials touted the drop in gas prices from mid-June, when they reached a record high of $5.02.
What do you think? Post a comment.
Last week, gas prices rose for the first time, snapping a 99-day streak of falling prices.
Gasoline prices mostly reflect trends in global oil prices, and crude — both the US benchmark and the international Brent — have been slumping since mid-June on growing fears of a global recession that would reduce demand for energy.
US crude rose $0.73 on Tuesday, closing at $77.44 a barrel. Brent crude jumped 1.32% to $85.17 a barrel.
Biden pumped up, demands gas stations slash prices at the pump: ‘Do it now’
President Joe Biden lashed out at gas stations on Tuesday for allegedly being tardy in lowering the price of fuel in line with dropping oil prices.
nypost.com
of seeing intelligent, Patriotic people using the term President in reference to him !
FJB
