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ck4829

(36,122 posts)
Mon Jul 4, 2022, 06:18 AM Jul 2022

White House hits back at Jeff Bezos, saying it's 'not surprising' he thinks oil and gas companies

White House hits back at Jeff Bezos, saying it's 'not surprising' he thinks oil and gas companies should 'reap record profits at the expense of the American people'

"My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril," Biden said. "Bring down the price you are charging at the pump to reflect the cost you're paying for the product. And do it now."

Bezos responded critically to the president, writing in a retweet: "Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It's either straight ahead misdirection or a deep misunderstanding of basic market dynamics."

But White House Press Secretary Karine Jean-Pierre doubled down on Biden's statements.

"Oil prices have dropped by about $15 over the past month, but prices at the pump have barely come down. That's not 'basic market dynamics.' It's a market that is failing the American consumer," she wrote in a tweet.

https://news.yahoo.com/white-house-hits-back-jeff-231855141.html

A market that is failing the American consumer, indeed.
43 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
White House hits back at Jeff Bezos, saying it's 'not surprising' he thinks oil and gas companies (Original Post) ck4829 Jul 2022 OP
Groceries as well . .... Lovie777 Jul 2022 #1
These high prices are engineered to make Pres Biden look bad Alice Kramden Jul 2022 #2
It's called "price gouging." I'm surprised Jeffie doesn't complain more His profits are reduced by 3Hotdogs Jul 2022 #3
Exactly, he's not selling crude ck4829 Jul 2022 #4
7040 fl oz Ferrets are Cool Jul 2022 #5
He probably has... 2naSalit Jul 2022 #6
In 2008 videohead5 Jul 2022 #7
Exactly Rebl2 Jul 2022 #15
It never reached 190. I think 140 was the highest for very brief moments. Lucky Luciano Jul 2022 #22
According to what I read videohead5 Jul 2022 #29
Sorry videohead5 Jul 2022 #30
Well, yes, price gouging is a "basic market dynamic" in unregulated markets William Seger Jul 2022 #8
About those markets.., multigraincracker Jul 2022 #9
Not even 1% of gas stations are owned by the oil companies. oldsoftie Jul 2022 #10
Sounds like we should just nationalize oil production then ck4829 Jul 2022 #11
+1, along with nationalizing healthcare. n/t area51 Jul 2022 #17
Yeah, thats worked really great for Venezuela; along with all their other industries. oldsoftie Jul 2022 #20
Works fine for Russia. n/t DiamondShark Jul 2022 #34
If you hold up Russia as an example of what TO do, you've already lost the argument. oldsoftie Jul 2022 #37
Russia is still making money off of oil and gas... DiamondShark Jul 2022 #38
Russia makes money because of China & India. You want to be like them too? oldsoftie Jul 2022 #39
This message was self-deleted by its author DiamondShark Jul 2022 #40
So we should buy our gas from Iran? DiamondShark Jul 2022 #41
Because it doesnt fucking work! why is that so hard to grasp? Iran? oldsoftie Jul 2022 #42
Yeah, I don't know why you brought up Iran and Venezuela. DiamondShark Jul 2022 #43
It is price fixing pure and simple. The Jungle 1 Jul 2022 #12
Not where I am. I can get, today, 3.85 & 4 miles away 4.39. oldsoftie Jul 2022 #23
What? Every place within 10 miles of me is 5.55 to 5.65. KPN Jul 2022 #27
I'm in Ga. And actually about an hour ago I filled up @Circle K for 3.73 oldsoftie Jul 2022 #31
Shrodinger's conservatives want government to leave businesses alone IronLionZion Jul 2022 #13
What is Jeff Bezos doing to encounter inflation? KPN Jul 2022 #14
That's a good question ck4829 Jul 2022 #16
There are MANY reasons I never use Amazon. But I'm one of few. oldsoftie Jul 2022 #21
95% of what Amazon has can be bought elsewhere DBoon Jul 2022 #25
How often is that possible? I live in a remote, rural area with relatively KPN Jul 2022 #26
You find another online store and use them instead of Amazon DBoon Jul 2022 #28
Being remote, there will be times you just can't help it. Understandable. oldsoftie Jul 2022 #33
Yes! I will use them as a "search engine" so to speak. oldsoftie Jul 2022 #32
I have never spent money on Amazon. LisaM Jul 2022 #35
Same here. They're addicted. Then they'll bitch about empty stores & stuff from China. oldsoftie Jul 2022 #36
Nationalize the oil...these billionaires think the rest of us are stupid, Bluethroughu Jul 2022 #18
This is all about the fossil fuel PTB. jaxexpat Jul 2022 #19
Businesses make money by breaking markets DBoon Jul 2022 #24

Lovie777

(15,211 posts)
1. Groceries as well . ....
Mon Jul 4, 2022, 06:24 AM
Jul 2022

the greed of these companies are staggering and it doesn't have to be that way.

Alice Kramden

(2,432 posts)
2. These high prices are engineered to make Pres Biden look bad
Mon Jul 4, 2022, 06:34 AM
Jul 2022

They want him to look bad - and they don't care about the American people suffering. That goes for that baby formula fiasco, too.

3Hotdogs

(13,560 posts)
3. It's called "price gouging." I'm surprised Jeffie doesn't complain more His profits are reduced by
Mon Jul 4, 2022, 07:05 AM
Jul 2022

fuel prices.

2naSalit

(93,435 posts)
6. He probably has...
Mon Jul 4, 2022, 07:35 AM
Jul 2022

Some sweetheart deal with some oil company or another where he gets a massive discount with his bulk buys.

videohead5

(2,471 posts)
7. In 2008
Mon Jul 4, 2022, 07:37 AM
Jul 2022

Last edited Mon Jul 4, 2022, 01:36 PM - Edit history (1)

A barrel of oil reached over $147.00. A gallon of gas never even came close to $5.00.

videohead5

(2,471 posts)
29. According to what I read
Mon Jul 4, 2022, 01:31 PM
Jul 2022

It got to $189.00 a barrel in 2008. In 2014 it was around $140.00 a barrel.

William Seger

(11,113 posts)
8. Well, yes, price gouging is a "basic market dynamic" in unregulated markets
Mon Jul 4, 2022, 07:37 AM
Jul 2022

... which is fine with the Greed is Good folks.

multigraincracker

(34,304 posts)
9. About those markets..,
Mon Jul 4, 2022, 07:56 AM
Jul 2022

Adam Smith, the author of Wealth of Nations and the father of Capitalism, said the market must be regulated to prevent monopolies. I’m going with that.

 

oldsoftie

(13,538 posts)
10. Not even 1% of gas stations are owned by the oil companies.
Mon Jul 4, 2022, 08:04 AM
Jul 2022

gas stations have a small profit margin on gas too.
If you want to bring prices down you're going to have to convince the world that there is more oil on the market today than yesterday. And that there will be more tomorrow than today. And you're going to have to find some way to get US companies to increase production because their investors are pressuring them NOT to do it.
Don't even think about trying to do "price controls". Been tried & it doesnt work

 

oldsoftie

(13,538 posts)
20. Yeah, thats worked really great for Venezuela; along with all their other industries.
Mon Jul 4, 2022, 09:11 AM
Jul 2022

Everything falling apart.

 

oldsoftie

(13,538 posts)
37. If you hold up Russia as an example of what TO do, you've already lost the argument.
Tue Jul 5, 2022, 05:42 AM
Jul 2022

Millions of people are trying to move TO Russia? Oh wait; they're being kidnapped from UKR and forced there. But Putin will get reelected!

DiamondShark

(1,115 posts)
38. Russia is still making money off of oil and gas...
Wed Jul 6, 2022, 02:30 AM
Jul 2022

even though there are multiple countries with sanctions against them.

Why again should we not nationalize oil, gas, and coal?

 

oldsoftie

(13,538 posts)
39. Russia makes money because of China & India. You want to be like them too?
Wed Jul 6, 2022, 06:10 AM
Jul 2022

If you think the Russian economy & energy model is superior to ours, I cannot help you. Iran has cheap gas too.

Response to oldsoftie (Reply #39)

DiamondShark

(1,115 posts)
41. So we should buy our gas from Iran?
Wed Jul 6, 2022, 01:59 PM
Jul 2022

Why again should we not nationalize oil, gas, and coal?

 

oldsoftie

(13,538 posts)
42. Because it doesnt fucking work! why is that so hard to grasp? Iran?
Wed Jul 6, 2022, 02:39 PM
Jul 2022

Since the "revolution" Iran hasn't produced as much oil as it did in the 70s. The industry fell apart when nationalized. They now produce about 1/3 what they did back then. Just like it collapsed in VZ after Chavez came along. They haven't produced anywhere NEAR what they used to before Chavez. They're currently producing less than FIFTY years ago.

DiamondShark

(1,115 posts)
43. Yeah, I don't know why you brought up Iran and Venezuela.
Wed Jul 6, 2022, 04:23 PM
Jul 2022

A little bit of research into the reasons for Iran, Venezuela, and Russia failure all lead back to sanctions from USA, the west, and Europe. I don't think we would have any issues with sanctions from ourselves as they did.

 

The Jungle 1

(4,552 posts)
12. It is price fixing pure and simple.
Mon Jul 4, 2022, 08:13 AM
Jul 2022

All the gas prices in my local area are within pennies of each other.
That is not free enterprise!

 

oldsoftie

(13,538 posts)
23. Not where I am. I can get, today, 3.85 & 4 miles away 4.39.
Mon Jul 4, 2022, 09:22 AM
Jul 2022

And across the street from the 3.85, its 4.10. And people are buying from that guy. I never can understand that.

 

oldsoftie

(13,538 posts)
31. I'm in Ga. And actually about an hour ago I filled up @Circle K for 3.73
Mon Jul 4, 2022, 03:01 PM
Jul 2022

Thats a chain; national I think.
But like I said, you don't have to go far & pay .50 or more higher.
Plus we have a "gas tax holiday" until Sep I believe

IronLionZion

(47,116 posts)
13. Shrodinger's conservatives want government to leave businesses alone
Mon Jul 4, 2022, 08:22 AM
Jul 2022

but also interfere to lower prices.

Not sure what billionaire Bezos wants the government to do here. Oil companies have decided to not invest in bringing shuttered refineries back online because they can still reap tremendous profits. They have plenty to gain by keeping the status quo knowing voters will blame the president.

KPN

(16,165 posts)
14. What is Jeff Bezos doing to encounter inflation?
Mon Jul 4, 2022, 08:30 AM
Jul 2022

Gee, a $2 (15.4%) price increase for Amazon Prime a month or so ago. All the better to increase his $6+billion personal income and profit per month in 2021?

 

oldsoftie

(13,538 posts)
21. There are MANY reasons I never use Amazon. But I'm one of few.
Mon Jul 4, 2022, 09:14 AM
Jul 2022

unfortunately many people will yell to the heavens about Bezos & his lack of tax payments but they'll keep getting boxes every day from him

DBoon

(23,170 posts)
25. 95% of what Amazon has can be bought elsewhere
Mon Jul 4, 2022, 10:23 AM
Jul 2022

I use Amazon to review a product category, then buy from the original manufacturer where possible

KPN

(16,165 posts)
26. How often is that possible? I live in a remote, rural area with relatively
Mon Jul 4, 2022, 10:37 AM
Jul 2022

few source opportunities. I can get cedar shakes direct and buy fish off boats, but that’s about it.

DBoon

(23,170 posts)
28. You find another online store and use them instead of Amazon
Mon Jul 4, 2022, 11:10 AM
Jul 2022

For books, I go to the publisher.

If the manufacturer does not sell direct to the customer online, Walmart or Target usually works.

 

oldsoftie

(13,538 posts)
33. Being remote, there will be times you just can't help it. Understandable.
Mon Jul 4, 2022, 03:06 PM
Jul 2022

Its like gas; if there's only one station anywhere near you, you pretty much HAVE to buy from them.
But it irritates me to see everyone in "the city" getting those amazon boxes almost every day!

 

oldsoftie

(13,538 posts)
32. Yes! I will use them as a "search engine" so to speak.
Mon Jul 4, 2022, 03:03 PM
Jul 2022

They do seem to do a better job of pulling up suppliers than Google.
I have even called companies when they don't have their own website listed & asked if I can buy direct.

LisaM

(28,747 posts)
35. I have never spent money on Amazon.
Mon Jul 4, 2022, 09:01 PM
Jul 2022

Unfortunately, I have some Amazon gift cards people have given me (work, my apartment complex). It's not worth arguing about, though I am resentful that they assume everyone has an Amazon account.

I am spending the gift cards since the money is already in Amazon's pocket, but I try to use it for things (out of print used books, for example) that wouldn't make money for another business. I definitely don't subscribe to their streaming service and I never pay the extra shipping costs. I have had almost zero luck convincing people not to shop through them.

 

oldsoftie

(13,538 posts)
36. Same here. They're addicted. Then they'll bitch about empty stores & stuff from China.
Tue Jul 5, 2022, 05:39 AM
Jul 2022

Bluethroughu

(5,988 posts)
18. Nationalize the oil...these billionaires think the rest of us are stupid,
Mon Jul 4, 2022, 08:56 AM
Jul 2022

Not everyone is a dumb trump supporter.

 

jaxexpat

(7,794 posts)
19. This is all about the fossil fuel PTB.
Mon Jul 4, 2022, 09:02 AM
Jul 2022

They're topping off their war chests ahead of their monopolization of every scrap of renewable energy. They're going to finance and own the profits of the switch to renewables leaving gasoline/diesel powered vehicle dependency on the scrap heap along with those still invested in fair/free market philosophies. But they're not going to permit the transfer until it's ripe for their acquisition. It's their tolerance for patience and our tolerance for delay which remains the question which I don't think they have the predisposition to deal with well.

Tesla is the Hudson of our times just as N. Tesla was the Hudson of his own times. We are still the impotent and clueless consumers we've always been.

DBoon

(23,170 posts)
24. Businesses make money by breaking markets
Mon Jul 4, 2022, 10:21 AM
Jul 2022

What Bezos did with Amazon is a good example.

Free market economics is a fairy tale

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