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Related: About this forumWhite 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.
Lovie777
(15,211 posts)the greed of these companies are staggering and it doesn't have to be that way.
Alice Kramden
(2,432 posts)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)fuel prices.
ck4829
(36,122 posts)I mean, there is this. A 55 gallon drum of lube.
https://www.amazon.com/Turn-Personal-Lubricant-Balanced-Hypoallergenic/dp/B08MJPMGWS/ref=sr_1_2?keywords=55+gallon+drum+of+lube+sex&qid=1656936544&sprefix=55+gallon+drum+of+%2Caps%2C82&sr=8-2
But you can't run those smile trucks on lube.
Ferrets are Cool
(21,990 posts)2naSalit
(93,435 posts)Some sweetheart deal with some oil company or another where he gets a massive discount with his bulk buys.
videohead5
(2,471 posts)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.
Definitely gouging happening.
Lucky Luciano
(11,486 posts)videohead5
(2,471 posts)It got to $189.00 a barrel in 2008. In 2014 it was around $140.00 a barrel.
videohead5
(2,471 posts)Evidently what I read was wrong. A barrel of oil in 2008 reached $147.
William Seger
(11,113 posts)... which is fine with the Greed is Good folks.
multigraincracker
(34,304 posts)Adam Smith, the author of Wealth of Nations and the father of Capitalism, said the market must be regulated to prevent monopolies. Im going with that.
oldsoftie
(13,538 posts)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
ck4829
(36,122 posts)area51
(12,187 posts)oldsoftie
(13,538 posts)Everything falling apart.
DiamondShark
(1,115 posts)oldsoftie
(13,538 posts)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)even though there are multiple countries with sanctions against them.
Why again should we not nationalize oil, gas, and coal?
oldsoftie
(13,538 posts)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 This message was self-deleted by its author.
DiamondShark
(1,115 posts)Why again should we not nationalize oil, gas, and coal?
oldsoftie
(13,538 posts)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)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)All the gas prices in my local area are within pennies of each other.
That is not free enterprise!
oldsoftie
(13,538 posts)And across the street from the 3.85, its 4.10. And people are buying from that guy. I never can understand that.
KPN
(16,165 posts)oldsoftie
(13,538 posts)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)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)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?
ck4829
(36,122 posts)oldsoftie
(13,538 posts)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)I use Amazon to review a product category, then buy from the original manufacturer where possible
KPN
(16,165 posts)few source opportunities. I can get cedar shakes direct and buy fish off boats, but thats about it.
DBoon
(23,170 posts)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)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)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)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)Bluethroughu
(5,988 posts)Not everyone is a dumb trump supporter.
jaxexpat
(7,794 posts)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)What Bezos did with Amazon is a good example.
Free market economics is a fairy tale