Joe Biden thinks he can lower gasoline prices by slamming his hand on the desk.
He has literally ordered gas companies to lower prices and to lower them “now.”
Something tells me that will not work.
Over the last week, the dropping of gasoline prices has started to level off.
I said this would happen as the weather started to change and summer vacations were over.
More people are driving again and will start using oil to warm up their homes.
Even so, Biden stated, “My message is simple. To the companies running gas stations and setting those prices at the pump: Bring down the prices you’re charging at the pump to reflect the cost you pay for the product.”
He continued, “Do it now.
“Do it now. Not a month from now — do it now.”
Bob Bilbruck, CEO of business strategy firm Captjur, says Biden is getting it all wrong.
He stated, “Margins are razor-thin in these operations and depending on their relationship in the buying ecosystem, they may be buying from a bulk fueler or directly from the producer [so] we are talking very little difference in prices.”
Geopolitical analyst Irina Tsukerman added, “Having the president of the country pressuring private companies into cutting profit is not a good look at best.
“These comments indicate that Biden is avoiding responsibility for his own contribution to the price crisis — the policies that have driven up the gas prices to begin with, failure to allow for leases on federal land, the shutdown of pipeline projects, the gas tax hike, among others.”
Last week, the 99-day streak of falling prices was halted.
Additionally, the price of crude started to rise again.
So, Joe, in the midst of a natural disaster in Florida, which will also hurt supply, prices are going to go up and it would not be a surprise to see them soar significantly.
We better get ready for another Biden tantrum.
More importantly we all better brace ourselves for yet another financial ding to our bank accounts.
Source: New York Post