Biden demands faster drop in gas prices as oil tumbles

[Yo_Mama_Been_Loggin]

President Joe Biden is using his bully pulpit to call out the tendency for gasoline prices to go up like a rocket when oil spikes, but only drop like a feather when crude crashes.

Biden fired off a tweet Wednesday morning highlighting the painfully slow decline in gasoline prices in a bid to draw scrutiny to a decades-long trend that critics say hurts consumers by failing to pass savings along to drivers.

"Oil prices are decreasing, gas prices should too," Biden said on Twitter. "Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it's $4.31. Oil and gas companies shouldn't pad their profits at the expense of hardworking Americans."

The administration's focus on the intricacies of energy prices shows the level of frustration inside the White House with one of the central drivers of high inflation.

https://www.msn.com/en-us/money/markets/biden-demands-faster-drop-in-gas-prices-as-oil-tumbles/ar-AAV8jy9

[jimfields33]

4. The have to sell the supply purchased at the higher cost first.

[kysrsoze]

5. It's not that simple. The pump price spikes trail oil prices almost immediately. There's no way...

the oil is being purchased, transported, refined and distributed that quickly. Conversely, once the price of oil drops, it takes a couple of months for prices to drop. I could understand if the pump prices rose a few weeks after oil prices rise, but they don't. Somewhere in there, the oil and refining companies are gouging. And it's not the retailers - they run on a shoestring profit and make much of their money in selling convenience store items. We're all being scammed by big oil.

[colorado_ufo]

24. Are you saying that we should not expect prices to drop quickly, as that might cause a loss

to the oil companies?

[FoxNewsSucks]

29. It would, but that loss actually just cancels out

the windfall they get when they jack prices up immediately while selling fuel bought at the previous lower oil price

It is a scam.

[Cuthbert Allgood]

7. But when they are selling the supply purchased at a lower cost

they raise the prices immediately. Wonder why that is?

[Torchlight]

30. Were that the case,

prices at the pump would have reflected the corollary of your assertion when and after the spot prices of crude fell below $0.00/barrel. That's not what happened.

[live love laugh]

34. They hiked prices fast why not the opposite?

[Wounded Bear]

2. K & R...nt

[aocommunalpunch]

3. Okay.

If I were an oil oligarch, why the fuck would I care? Human decency? You'd have to be human first and they don't qualify. Better find a sturdier stick.

[ck4829]

6. K&R

[uponit7771]

8. K&R, US inflation is *NOT* organic seeing net profit margins are sky high

[ruet]

9. More Dead-End Capitalism.

"Tom Kloza, global head of energy analysis at the Oil Price Information Service, said gas stations have little choice but to pass along the impact of higher oil prices on the way up because of the pressure on their profit margins."

I'll ask again. ...and again. Who do we get to pass our higher expenses along to?

[Midnight Writer]

11. Good PR move. Biden will be seen as "demanding" lower prices and prices will drop.

Democrats are pretty poor at playing the public perceptions game.

Hopefully, Biden and Co. understand this and are "playing the game", even though many may find it distasteful.

Notice how to this day many people remember Reagan with his "Tear down this wall, Mr. Gorbachev!" and credit him for the removal of the wall, even though the wall didn't come down until years later.

[gratuitous]

13. This IS a good move

Puts the onus for high gas prices where it more rightfully belongs. As noted up thread, prices have to follow the costs at the time of purchase. But for some reason, as soon as crude oil prices begin to rise, the price at the pump jumps without regard to how much the original barrel of oil that produced that gasoline cost. When barrel prices begin to drop, it's weeks before consumers see any concomitant drop in price at the pump.

There's gouging going on somewhere here. Maybe not in today's prices, but in the prices we were charged a week, two weeks, or a month ago. President Biden is grabbing the media by the scruff of the neck and pointing them directly at the pinch point.

[Baked Potato]

12. Good move. Nt

[iscooterliberally]

14. Yay! Maybe I won't have to peel all those Russian propaganda stickers off the gas pump anymore. n/t

[ffr]

16. lol. Or make the leap to EV for never have to look at them again.

I don't know what Russian propaganda stickers you're referring to, but I can imagine.

[iscooterliberally]

17. I wish I could afford an EV. We'll be in the market for a new vehicle soon, but it's hard to save.

Every time I get some money in the bank, something bad happens and wipes me out again. As for the stickers, someone actually printed up a bunch of photos of Joe Biden pointing his finger and the caption underneath says, "I did this!" and it points to the price per gallon on the pump. They put them all over the Race Track where I buy gas. I peel them off every time I go there. I live in a mostly blue area, but there are a lot of right wing morons driving around here too.

[ffr]

21. Kudos to you and for working through your struggles

Consider also buying used, like I did. I found one of the Teslas with grandfathered unlimited free Supercharging. Whenever we travel, there's no charging fee. 24/7. FREE! It's awesome! And home charging means, unlike with an ICE vehicle, our EV always starts the day with the same charge level every day; set and forget!

So while the fuel expense hits ICE owners at each fill up, increasing cost of ownership, with free supercharging, the cost of traveling actually reverses the cost of ownership.

It automatically opens and closes the garage door as we drive home and as we leave. I plays all the digital music we like, FREE, without commercial interruption. And it's quick as FFFFck, which means we never miss a green light.

[Traildogbob]

27. There is a counter move

There are opposition stickers that says, "Fucked at the Pump, by Putin and TRump". I'm lucky, I do not have to drive much any. I do feel for working folks though. Hope it will ease some for them. But for the Mega MAGA truck trump humpers, the 8 cylinders, the diesels, the Hemi's, suck it. Hope they can't afford to drive to NASCAR gas sucking Trump paradice events. They need to help pay for Trump Force 1, how can they pay these gas prices. Also, the MAGA ISIS caravans get even worse mph, with a bed full of obese bubbas, 100's of pounds of armory's and all this Trump, Confederate/Natzeeee flags create so much drag it cuts mph by 1/3. Glass half full here.

[SergeStorms]

26. Then they'll increase electric prices....

by 50%. These bastards are going to get you no matter where you turn.

They'll still be cheaper to operate that internal combustion engines, but then will come battery replacement 3-5 years down the road, and that will cost you two arms and one leg.

They're never going to let anyone win but themselves.

[ffr]

33. 9 y.o. at the moment. Battery shows, due to software improves, 2 miles higher than

when purchased. Currently stands at 246 miles range with a full charge. I've owned it for several years now and have noticed it getting better at its usage of power climbing hills, but not as efficient at regen'ing on downhills. So there's something going on, but it's not enough to throw a curve ball when traveling...knock on wood.

The free software updates do something to how the battery and other functions operate. This is especially true for the 4wd/awd EVs.

To me quite frank, I didn't want this car in the first place, but it was too good to pass up. Then I let it sit, b/c I didn't understand it too well. Now I love the damn thing and hate driving stupid slow annoying ICE vehicles.

[ffr]

15. Straight shooting! We need to give this man the democratic congress he deserves

GOTV in November!! Our lives and livelihoods depend upon it!

[bluescribbler]

18. You tell 'em, Mr. President

[kacekwl]

19. Great, but he should use his bully pulpit

to put pressure on the welfare receiving oil companies and the politicians who are paid by them to lower immediately at the same rate the raised them. It's a shame we don't have a functioning majority.

[Cha]

20. Was going to say when I saw what magats

were putting on the Gas Pumps.. A pic of PJB saying "I did that" is Fascist Bullshit..

Pres Biden would Lower Prices if he could.. he Actually Cares about People and America.

💙💛

[ffr]

22. +1

I'm going to have to stop sometime and see if I can spot these stickers everyone is talking about.

[samsingh]

23. This is smart messaging

[IronLionZion]

25. But the stickers on the gas pump say it's all his fault

since he's in the pocket of big windmills or something.

[BlueIdaho]

28. Those stickers cut both ways...

Who ch is why they are such a stupid idea. When gas prices fall - The President gets the credit.

[IronLionZion]

31. I feel like they would still credit Trump when prices fall

but continue to blame Biden for COVID and Russia, inflation and labor shortage.

[MichMan]

32. If they fell below what they were when he took office it would

Otherwise people are still going to blame him