Joe Biden slammed American gas station owners for not lowering gas prices, despite making historic profits.
While meeting with economic experts, Biden stated oil and gas prices dropped significantly last month, but energy giants did not transfer the benefit of declining prices to Americans.
Biden Lashes Out at Gas Station Owners
According to Biden, oil and gas companies are making billions of dollars of profit by price gouging, which is increasing burdens on average Americans, even though inflation is declining.
As all gas companies are enjoying the benefits of low gas prices, Biden asked them to trickle down the benefits to American consumers.
Biden also urged gas companies to reduce their profits immediately, instead of waiting for the next month, adding it would save Americans a lot of money.
Joe Biden demands gas station owners lower prices for gas. Does he not understand that gas stations make a penny or two on each gallon? Gas stations make their money on items bought inside. This is just an embarrassing lack of basic business knowledge. pic.twitter.com/rAcPChyvUX
— Clay Travis (@ClayTravis) September 27, 2022
Energy experts disagree with Biden’s assessment of the gas stations.
Bob Bilbruck, a veteran gas station businessman and a CEO of a business consultancy company, Captjur, hammered Biden for putting unrealistic demands in front of gas station owners.
Bilbruck stated gas stations work on minimal margins, as they have to deal with various kinds of challenges while purchasing gas and selling it to consumers.
Furthermore, Bilbruck established all gas stations are forced to keep their prices competitive, due to the ongoing competition in the oil and gas industry.
As oil and gas drilling has been reduced significantly, Bilbruck continued, the supply side is facing severe challenges, which are directly impacting gas prices.
Biden levitates like a supreme deity on gas lie day; he pins responsibility for high fuel prices on gas station owners.
Joe has a short memory.
HIS day 1 executive fiat shut down the Keystone Pipeline, a reckless decision that caused 11,000 people to lose their jobs. https://t.co/UWNmnZOd4L
— Tosca Austen (@ToscaAusten) September 27, 2022
Biden Unable to Understand Workings of Economy
Free market advocates also slammed Biden for his poor understanding of the economy. One political commentator, Irina Tsukerman, noted Biden is making no sense by forcing private companies to reduce their profits.
Instead of pushing private corporations to decrease prices, Tsukerman urged Biden to look into the flaws of his own policies.
By not allowing leases on federal land and closing gas pipeline projects consistently, Biden is promoting the liberal agenda enabled by his own party, which is the real reason for the gas price hike, as per Tsukerman.
Biden’s comments came at a time when the average gas price touched $3.75 per gallon on Tuesday, which is 17% higher compared to the same time last year, when the average gas price stood at $3.19 countrywide.
The president has recently touted his success in bringing gas prices down, which rose to the historic high level of $5.02 per gallon in mid-June.
This is not the first time Biden is slamming energy giants for making high profits. Last week, the president established energy companies are supposed to make 30% less profit, compared to what they are earning right now.
Energy analysts claimed Biden’s attempt to undermine the oil and gas sector would decrease the competition in the industry since business owners feel reluctant to invest in fossil fuels in the presence of a liberal president.
This reduced competition will eventually increase oil and gas prices further.