A major American energy lobby has taken aim at a presidential Twitter post that called on gas stations to cut prices at the pump, with the U.S. Oil and Gas Association telling President Joe Biden that they’re “working on it” and that the author of the post should go back to school to learn basic economic fundamentals.
“Have a Happy 4th and please make sure the WH intern who posted this tweet registers for Econ 101 for the fall semester,” the energy group said in a post on Twitter on Sunday.
Working on it Mr. President. In the meantime – have a Happy 4th and please make sure the WH intern who posted this tweet registers for Econ 101 for the fall semester… https://t.co/6yLpbDDRKc
— US Oil & Gas Association (@US_OGA) July 3, 2022
What appeared to be a sarcastic reaction by the energy group was prompted by a fiery July 2 post from Biden, who called on gas stations across the country to charge customers less.
Biden’s official presidential Twitter account wrote that he has a “message” to gas stations: “This is a time of war and global peril. Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.”
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.
— President Biden (@POTUS) July 2, 2022
Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.
Besides the U.S. Oil and Gas Association posting a critical response to Biden’s message for gas station owners, Amazon founder Jeff Bezos’s reaction also suggested a need for some more schooling.
“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,” Bezos said on Twitter.
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. https://t.co/XgKfEICZpk
— Jeff Bezos (@JeffBezos) July 3, 2022
According to IbisWorld, the average gas station profit margin is just 1.4 percent. They make most of their profits thanks to markups on items sold in gas station convenience stores, according to an analysis by The Hustle.
‘Bring Down the Price’
Political pressure has been mounting on Biden as soaring prices at the pump have left American drivers frustrated, while consumers more broadly face a cost-of-living crisis amid the highest inflation in 40-plus years.
The price of gasoline is around double what it was when Biden took office, with the president variously blaming oil industry greed, a lack of refining capacity, global supply shortfalls set against a sharp post-pandemic rebound in demand, and the war in Ukraine.
By Tom Ozimek
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