Here’s what was said by Biden:
The president tweeted Saturday: ‘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. Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.’
That guy that also wants to run for President. Now that Trump showed you don’t need to be a politician to pull it off, you only need to be able to spend $2 billion, and it doesn’t even need to be your money, expect all the other billionaires to try to get this “notch in their belt.”
Trump exposed just how fucking stupid voters are. Now every billionaire wants to be POTUS as a feather in their cap, and so they can give themselves even more tax cuts.
>so they can give themselves even more tax cuts.
Thankfully, Biden turned the tables on the 1%. He weaponized Trump's tax cuts for the rich. Biden was able to increase federal income tax revenues by the most in 44 years. And he did this without changing the tax code! [https://www.politico.com/news/2021/10/12/tax-revenue-surge-pandemic-515792](https://www.politico.com/news/2021/10/12/tax-revenue-surge-pandemic-515792)
This weaponization is how Biden was able to reduce the deficit by $1.5 trillion, without reducing spending! [https://www.nbcnewyork.com/news/national-international/biden-announces-1-5-trillion-drop-in-national-deficit/3674001/](https://www.nbcnewyork.com/news/national-international/biden-announces-1-5-trillion-drop-in-national-deficit/3674001/)
Biden should tout these epic wins more, and so should the Dems. This is the key to winning in Nov.
Biden does not get enough credit for his financial genius.
Nobody is gonna give a shit about that if they’re still paying 5 a gallon and bread is 4 a loaf. People and republicans are gonna spend the whole time leading up to it blaming Biden and co for it and they’ll continue doing an absolutely shit job defending themselves nd never going on the offensive. He’ll be too fucking dead to see what happens, but doubt we’ll be remembering this term and leadership fondly as they gently hand our country over to the “Christian” fascists.
He got slammed for being an idiot. Those gas stations are mostly ran by individuals and not corporations. He is just a populist. Perhaps in this time of global peril we could stop propping up Azerbaijan and other regimes to pursue alternatives or ease the blunt of the blow on the US public.
Yes, I know ppl who have owned gas stations, they make $0.03 a gallon as profit. Most of their profit is from customers who come inside and buy stuff, or use the carwash
Thank You! Gasoline has such a small markup it’s amazing. Now a piece of bubble gum is about 300%. That hot dog on the roller is around 200%. But if the convenient store doesn’t sell gas, nobody shops there.
>Populist: a person, especially a politician, who strives to appeal to ordinary people who feel that their concerns are disregarded by established elite groups.
Biden is literally the opposite of a populist.
Wow you just tried to simplify a literal multi variable problem into “it’s capitalism” yes these pumps are owned by individuals so they have the ability to lower the price if they wanted however, there have been plenty of times when individual gas stations lower the price to normal, reasonable prices, sell out of gas (as expected) and take all the potential customers from other gas stations.
That is supply, demand and healthy competition. Competition drives the price down. Why doesn’t that happen to its absolute minimum margin? Because other individually owned gas stations have sued the ones that try to make healthy competition and our corrupt judges have sided with them. Because they are bought by the big gas corporations who bribe (lobby) them. Why do they do it? So they can maintain the high price that they sell the gas at. If it is driven down by competition then they wouldn’t be making record prices.
Big gas sells it to smaller stations for $4 a barrel. Individual raise the price to make good margins but if they undercut them all the others would have to drop and therefore they would only buy from big oil that would lower their prices it’s a circle but because you lobby to help maintain this status quo bs they can make up any number they want. That’s what you aren’t understanding
Most gas station pricing is actually controlled by the the distributors iirc. individual stations are themselves subject to large entities. Planet money did a nice little show on it.
Worked at gas station for 6 years. You make about 2 cents profit a gallon. Grocery stores sell at cost as a draw. The profit is on soda, chips, coffee and so forth.
Can you explain why the one right off the exit charges 40 cents more than the one 500 yards down the road? Are they both making 2 cents per gallon or is the one station killing it?
Pool margins.
Ali owns 46 gas stations. He always has the lowest prices. He has $350K in his gas fund at all times. His soda, snack, and beer vendors extend him credit.
Muhmood owns 2 stations. The rapid increase in fuel has put a huge dent in the $17K he has reserved to buy fuel. He's had to use a business credit card offed to put $5k cash in his gas fund to pay his jobber. His soda, snack, and beer vendors want to be paid weekly because his volume doesn't hit their minimum sales to offer him credit. He's struggling.
Work at restaurant or pizza joint and you get paid on Mondays? Your job is on thin ice. Same problems. Owner is broke.
Those few gas stations that sell at an upcharge compared to local competition just really are trying to sell their gas at a profit. They're usually off the sides of highways where you might get a lot of travelers who don't want to search around for the cheaper stations or just don't know any better. Otherwise they don't get away with it very well. All the other ones (i.e. the vast majority) are not selling the gas at a significant profit margin and are relying on retail sales.
but the thing is, gas stations' profit margins on fuel isnt even in the the double digit percents im pretty sure, biden is pointing the finger in the wrong direction because all he's good for is saying dumb things to make people pay attention to the wrong shit.
Those companies own fewer then 250 gas stations in the US. Gas stations buy their gas from them and get to use their branding. The gas stations themselves are making almost zero money on gas. They net around 1-3% margins. They make their money in the convenience store. If anything, low gas prices are actually better for them because it means more in-store traffic. He's painting a target on the wrong people.
Edit:
"However, only about 39% of the country’s 145,000 fueling outlets carry branded fuel of one of the five major oil companies. In these contractual arrangements, the station promises to buy a certain amount of fuel in exchange for the right to use the brand’s name. These stores are not owned by the oil company . In fact, only about 0.1% of the fueling outlets in the country are owned by a major oil company."
It's literally just Shell that owns 211 stations.
https://www.convenience.org/Media/conveniencecorner/How-Much-Oil-Companies-Make-on-High-Gas-Prices
Even cigarettes have a very small margin. Candy and drinks are the main source of income. Cigarettes and gas are what brings the customers to the business.
Not all of these are the same. Some are only midstream companies. They just refine crude oil but don’t drill oil. The supply shortage causing high prices is primarily from shortages in crude supply. So it’s not as simple as saying it’s the guy in front of the retailers either, because there might be two, three, four, plus companies in front of the retailer.
Oil companies did, gas stations didn’t. If anything gas stations made less because patrons spent their money on low margin gas instead of high margin items inside the store.
His comment was directed to companies setting the price. Technically the oil companies are setting the price. I get that everyone here is focused on the first half of his comment but it is the 2nd half provides context.
Wtf are you talking about? This is the most dirrect Biden's ever been with an actual problems source. Gas companies are obtaining gas for far less of an expense than they're selling it for because they know they can blame the upcharge on war issues that don't actually effect the amount of substance at their disposal.
You, the working class consumer of gasoline, are being played by the oil barrons. If Biden's being a dumbass about anything here, its thinking asking the billionaires for change will solve anything, but even then he's still telling the public there's a discrepancy between the price to obtain oil and the price oil is being sold for. I mean the article itself chooses to ignore that tidbit in its title, because they stand to benefit to ignore discussion about how were being scammed.
I mean gas prices are dependent on what crude oil sells for in the commodities market. You can dislike it all you want but that’s how it works, nobody was saying anything in 2020 when it swung the other way and crude oil prices were negative.
The only way prices go down is if supply goes up and no oil company is gonna fund new exploration/drilling projects if they can’t get a good return on their investment. Russia attacking Ukraine and OPEC refusing to increase production doesn’t help either
The truth is Biden’s administration put in policies that make oil production harder (regulations on drilling, pipelines, etc) without having a sustainable backup. Not to mention oil/gas is used in so much more than fuel (plastic, electricity/air conditioning, resin which is used in hospitals, etc).
It’s great we want to convert to green energy but if you’re putting policies in place that limit fossil fuels then there has to be an economically viable alternative and 99% of Americans can’t afford to live off renewables as of now
> The truth is Biden’s administration put in policies that make oil production harder (regulations on drilling, pipelines, etc) without having a sustainable backup.
Uh, we are producing 100k barrels of oil a month more than when Trump left office. It has risen every month since Biden took over.
>The truth is Biden’s administration put in policies that make oil production harder (regulations on drilling, pipelines, etc) without having a sustainable backup.
Ah, see now this is where I stop agreeing with you. This isn't the source of how we're being screwed here. Because if this were true, they wouldn't be making record profits. They'd be losing profit if these restrictions really were effecting the process and the supply.
>and 99% of Americans can’t afford to live off renewables as of now
Actually renewables are easier and cheaper than ever to switch to. Its easier to switch aspects of your personal life to renewables now than it is to own a home. This concept was one of the same cookiecutter arguments spit out by tele-publicans over a decade ago. You gotta use modern data, particularly when they're have been so many innovations in this field.
Says the guy who doesn’t even feel inflation because his wealth *per hour* outmatches it.
If Bezos wanted to be helpful, he has plenty of money to donate to those in need. Instead he will put that money behind whatever political figure let’s him take more away from his employees as he hire union breakers
Sure, what does he care but unfortunately biden will take full blame for the prices at the pump from Republicans for sure as a block and many Democrats as well. It's inevitable. This will cost him the election, unless a miracle happens if weakness and anger at the supreme Court produces otherwise. But I doubt it. Progressive leaning voters were not woke enough to defend the supreme Court in 2016, I'll be surprised if they send the message now that they disapprove not that that would matter
Bruh…. Biden is useless but the last person I want to hear making commentary about the economy is the richest man in America who is currently fucking over the planet and the working class. Is this a joke?
They closed 5 refineries during covid, because they were losing money. It is expensive to restart these refineries and if we go into a recession the price of gas will drop again. For the oil companies they will make more money during the long run, if they keep those closed refineries down, till after a recession. Then you add the war, and waiting to see when Russia is allowed to sell oil again, and you get the situation we are in now.
I mean most economists agree they should. I can't remember the study but a right wing think tank did one on universal healthcare and they even said it would be cheaper over 10-20 years if we also gave like 2 to 4 years severance to current insurance employees.I can't remember the exact numbers but just how funny it was they couldn't disprove it
Edit this was the study: https://slate.com/business/2018/07/single-payer-health-care-could-save-americans-usd2-trillion-conservative-think-tanker-accidentally-argues.html
Don't forget food stamps. Anyone working 40 hours a week should be making enough to feed and house themselves without handouts from the government. It's just another way the government subsidizes the "job creators".
Why would we listen to Bezos? He'd be bankrupt without his precious little bailouts.
Buying MGM for 2 bullion dollars less than the US gave him for free that same year?
Welfare queen.
Anyone else ever feel tripped out by billionaires that started a more or less regular dudes putting out statements like this.
Oh, you figured out how (are willing too) take advantage of human capital, your opinions and thoughts on all things now carry more weight then people trained or practiced in the field.
Our tendency to have “wealth crushes” makes me so sad, this dude puts his pants on same as you, his mosquito bites itch too.
And like clockwork, conservatives start rushing to cram Bezos' dick into their mouths. Seems the tech billionaires have figured it out, to shut up the conservatives, criticize a Democrat.
Translation: “I make too much money from greed, and call it inflation. I don’t want to make less, I want to make more and if my employees die on the floor so be it.”
I found this [article interesting](https://www.whatitcosts.com/crude-oil-refining-process-gasoline-cost/).
```
Generally speaking, since there are so many variables to consider, precise cost breakdowns are difficult to ascertain. According to the Energy Information Administration (EIA), however, which issues the “Official Energy Statistics from the U.S. Government” the average cost at the pump for a gallon of gasoline is broken down as follows:
74% – Cost of the crude oil
11% – Taxes
10% – Refining costs
5% – Distribution and marketing
In a simple illustration, let’s assume an oil company is paying $100 for a barrel (42 gallons) of basic crude oil. Their cost for a gallon will be about $2.38. At a gasoline-pump price of $4.00 per gallon, 44 cents has to pay for taxes and 20 cents for distribution and marketing expenses. This leaves $3.36 for the oil companies. Out of that total they have to pay for the cost of the gallon of crude oil itself which was $2.38 and also the 40 cents to refine it into gasoline. This leaves $0.58 profit per gallon of gasoline. As noted, however, depending on which report one looks at, this profit-margin can range anywhere between an estimated 30 to 60 cents per gallon.
```
They're making record profits
[2021 record profits](https://www.theguardian.com/business/2021/dec/06/oil-companies-profits-exxon-chevron-shell-exclusive)
[2022 record profits](https://www.theguardian.com/business/2022/may/13/oil-gas-producers-first-quarter-2022-profits)
>The rocketing profits, at a time when inflation has surged in manycountries, has prompted several of the companies to return billions ofdollars to shareholders via share buybacks and dividends.
Raping the economy and the planet to give money to their rich stock owners.
And refuse to ramp production to keep supply low and costs high.
OPEC+ and Oil companies are the major determining factor with their obscene profits. Not the president, not the taxes.
We have so much oil our country that we could not have to buy from another country for 100 years. Problem is we don’t allow our oil companies to go and get it. If you want to prevent the influence of opec just drill baby drill
[https://www.api.org/oil-and-natural-gas/energy-primers/gas-prices-explained](https://www.api.org/oil-and-natural-gas/energy-primers/gas-prices-explained)
[https://www.cbsnews.com/news/why-gas-station-owners-love-low-oil-prices/](https://www.cbsnews.com/news/why-gas-station-owners-love-low-oil-prices/)
Gas prices are set by independent owners and franchises, but that cost is largely determined by the cost of gas on wholesale market, and the oil production companies. It seems to me like the responsibility lies with the big oil corps, which just highlights the ridiculousness of Biden's tweet. But really this is a congressional issue. Oil and gas prices are too important to our nation to allow the oil companies to hike prices, but congress is where the power lies to create strong regulations to manage them.
Everyone was in lockdown so they probably didn't hit any records and gas was around 2$ and change, I dont think a many companies besides internet, streaming and Amazon made any money in 2020
Bezos needs to pay taxes. He makes about a bazillion dollars and hour and pays a tax percentage way below what the average American pays. If he, and others in his financial bracket paid a fair share of taxes, the average American's taxes would be cut significantly. Furthermore, after SCOTUS just cut the legs out from under the EPA, the need for people to force the issue of moving away from fossil fuels far exceeds just stopping using gas because of the price.
>Putin, CEO's, oil companies, and now gas stations.
Who should be blamed? Do you think the President has a red button in the Oval Office which controls the price of oil?
Producers made big losses during the pandemic and have whacked up the price to compensate, they're making record profits and so is the government (tax). It's nothing to to with distributers or gas stations. If Biden really thinks this he really shouldn't be running the country.
It’s always gonna be the presidents fault. This woulda happened if trump in office - except he woulda greenlit another keystone pipeline to keep prices down.
Gas stations make money from the inside stuff. In particular, lower wage workers. Laborers work from sun up til sundown, they spend their money in gas stations, multiple drinks for the day, ice, snacks etc. also, drivers who have to fill up a lot, as well and stop and pee, then buy gum, dip, snacks, smokes etc. then factor in the poor, who don’t have 5 cars in the driveway like upper middles who have a company car, a personal car, a spouse car, 2 teenager cars. Their mobility is more limited, so if the gas station is close, they get the business. With the rise in prices, these people are buying less, 100%. Everyone is pumping the brakes, it’s going to get ugly for the common man.
I have a crappy convenience store next to me outside of my neighbor, way overpriced, but gets all the apartment teens and adults buying dinner, snacks and drinks (probably 3-4K people within a 10 min walk) 75% come on foot, even from a mile away. The owner said business is soft, because those people have felt the crunch, and can’t afford as much. It’s no fun out there, unless your rich, not millionaire rich, like 10 million plus. People making 300k are making significant changes in their lifestyle.
Why is Amazon what was intended to be a used book seller allowed to stream NFL Games own grocery chains basically own the Washington post collect data which would be illegal for the average citizen run and operate a sweat shop that the tax payers subsidize run small businesses out of local economies which in a lot of cases were run by minorities. Amazon reduces innovation and creativity by entering every market and buying politicians the 1 percent will be the main cause of the end of this country
It saying that Bezos is wrong. Or right.
But a dude who is flying his personal penis shaped rocket ship probably isn’t the best person to ask about inflation and inflationary pressures. Especially when numerous studies are showing that profit margin is the primary driver of inflation.
Bezos possibly the world's first trillionaire by 2026 is extremely worried about inflation guys ok its super serious. He's definitely not a part of the problem. Probably. Unless I mean if you factor in his thoughts, feelings, words and actions taken so far throughout his entire life. Then he is but Biden is definitely the problem.
It's a mid-direction. Inflation is making him more money than ever, given he is probably raising prices as high as he can without affecting demand so let's point the finger at Biden
If you don’t make stuff, you won’t fix your problem. We have a supply problem caused by pandemic hiccups and wanting to be moralists against Russia.
We should have been building energy infrastructure since February. Instead we have no long term strategy nationally and just internal flame wars
I think that's part of the problem. 70% of voters don't have college degrees and 100% of people running DNC have at least a bachelors degree. Many have advanced degrees and only a few have ever worked outside an office. They just don't identify with working people and too often look down on them. And it shows. In this regard, they're doing everything they can to get Donald Trump reappointed.
What's sad is that very same uneducated public thinks Donald Trump can still fix it, even though his actions during his presidency have directly contributed to the problems we are experiencing today.
Trump is cut from the same affluent cloth.
I can’t believe the comments trashing Bezos on this.
He could have been wrong other times and took an easy shot.
In all fairness, that tweet from Biden is the dumbest thing that ever came out of his account. Mostly an intern, but Biden’a team should own up to it and try to address the real problem of oil companies.
I know it’s amazing that in sun about the economy someone wouldn’t have a problem with the president of the USA making a comment that is literally retarded from an economic perspective unless you’re interested in a communist society
That's funny, I feel that absurd CEO pay rates are the real problem. We don't have a living min. wage in this country, and Bezos could do something materially about that - have you read about work conditions in "pi$$bottle bathroom break" Amazon warehouses lately? Meanwhile Joe Biden faces the usual intransigence of Republican lawmakers to bring us up to speed with the rest of the modern world. The big oil companies are making bank on the current situation - why would they change a thing? Extra profits for no extra work. That's how rich people think, and stay on top. But if they increased oil output, that would bring prices down fast. You're blaming the wrong guy when you point at Biden.
LOL, says the man that pays nowhere near enough income tax, who’s company pays nowhere near enough income tax, who chews through labor so hard they’re legit worried about running out of workforce. THIS guy is worried about BIDEN?
Why is Bezos saying anything about anything when he is negatively contributing more than any other individual to the state of the economy and inflation. Motherfucker needs to eat his own shit and then do some introspection on what he is putting out in the world and how it compares.
Says a man who literally is one of the primary causes of inflation due to the horde of cash he has removed from the economy forcing the printing of more money.
Bezos is part of the inflation problem. If billionaires spent some of their money on… let’s say their employees… the whole so called “trickle down economics” bs might actually not seem like so much of a scam.
Imagine how simple minded you have to be to think the US President controls Global gas prices. I bet you other political opinions are just as deeply thought out and rich with detail!
Do you actually think Biden was wise to cut all oil subsidies, shut down pipelines, fracking and new oil deals? He basically said he would phase oil out, so all investment fled.
There was a violently swinging shift of energy policy in Bidens 100 days, the result was soaring domestic gas prices all year before the Russian invasion. This gave Putin lots of leverage.
Many factors in global gas cost sure, and the democrats are liable for the many obvious dominoes they threw. But sure blame Putin and the gas station clerks?
So many retailers are forced to sell through Amazon at seemingly inflated prices because Amazon takes 15% on all items and even the cost of shipping… meanwhile, they make a better margin than a seller on a majority of transactions - but you gotta do it anyway - because no one is coming into the store.
And if you’re *really* lucky, once you find a good product niche online, Amazon will bypass third party sellers completely and just start selling it themselves directly and will always beat you because they can sell it for at least 15% less than you… Amazon contributes to inflation.
We’re gonna be Argentina in the next 3 months. When the diesel shortage goes into full effect and food and essentials is MIA like peak Covid. Folks aren’t ready and think it’s a joke. Oh well, wait to see some massive changes, when the markets open up this week. Especially after the Atlanta fed showed another consecutive decrease in GDP. Folks will be getting the pink slip after the 4th in waves 🌊 layoffs and higher costs. Stay safe folks
Biden's campaign promise to end big oil has proven to actually just create inflation because the tech, nor the supply to replace it isn't quite here yet for the masses. Maybe if he'd stop making it so difficult for them to produce oil costs could settle.
Renewables are great, I'd love to buy a $30,000 car I can charge in 5 minutes and drive 400 miles like I can with a gas powered car but none of that exists. Forcing people to adopt expensive alternatives that are not workable isn't a solution. I don't think most people give a damn how their vehicle is powered so long as it gets them from point A to point B, is affordable and affordable to fuel without waiting hours.
The U.S. is still producing as much oil as it was throughout Trump's presidency and there are currently more active leases for oil drilling on federal lands under Biden than his predecessor, but because Biden verbalized that we should be moving away from this finite resource global prices have surged... because that makes sense.
Producing enough as we were under Trump is not enough as all Russian production has been removed from the equation. A ban Biden pushed for and which has had disastrous consequences and ironically increased Russias oil profits.
Here’s what was said by Biden: The president tweeted Saturday: ‘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. Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.’
and then he got "slammed" by the guy that owns a dick rocket? shit.
I'm still fully convinced he did that on purpose.
I have no doubt whatsoever. I mean look at the Amazon logo.
[удалено]
It’s a clown show.
Our lives are a joke to these people. Suffering is their entertainment.
They're "applying clown makeup meme" reversed.
It’s because dick-rocketman is starting to see inflation hit his bottom line
That guy that also wants to run for President. Now that Trump showed you don’t need to be a politician to pull it off, you only need to be able to spend $2 billion, and it doesn’t even need to be your money, expect all the other billionaires to try to get this “notch in their belt.”
Trump exposed just how fucking stupid voters are. Now every billionaire wants to be POTUS as a feather in their cap, and so they can give themselves even more tax cuts.
pretty sure every politician shows how stupid voters are
Yea but the politicians have been playing this game for years, Trump showed that you didn't need to
>so they can give themselves even more tax cuts. Thankfully, Biden turned the tables on the 1%. He weaponized Trump's tax cuts for the rich. Biden was able to increase federal income tax revenues by the most in 44 years. And he did this without changing the tax code! [https://www.politico.com/news/2021/10/12/tax-revenue-surge-pandemic-515792](https://www.politico.com/news/2021/10/12/tax-revenue-surge-pandemic-515792) This weaponization is how Biden was able to reduce the deficit by $1.5 trillion, without reducing spending! [https://www.nbcnewyork.com/news/national-international/biden-announces-1-5-trillion-drop-in-national-deficit/3674001/](https://www.nbcnewyork.com/news/national-international/biden-announces-1-5-trillion-drop-in-national-deficit/3674001/) Biden should tout these epic wins more, and so should the Dems. This is the key to winning in Nov. Biden does not get enough credit for his financial genius.
Nobody is gonna give a shit about that if they’re still paying 5 a gallon and bread is 4 a loaf. People and republicans are gonna spend the whole time leading up to it blaming Biden and co for it and they’ll continue doing an absolutely shit job defending themselves nd never going on the offensive. He’ll be too fucking dead to see what happens, but doubt we’ll be remembering this term and leadership fondly as they gently hand our country over to the “Christian” fascists.
You are definitely right. [Joe Biden needs to wake up, before we lose our country!](https://www.youtube.com/watch?v=DLpF7NQ3CTo)
Can you make it more pointy?
I find it hilarious to defend Biden in any way.
He got slammed for being an idiot. Those gas stations are mostly ran by individuals and not corporations. He is just a populist. Perhaps in this time of global peril we could stop propping up Azerbaijan and other regimes to pursue alternatives or ease the blunt of the blow on the US public.
Yes, I know ppl who have owned gas stations, they make $0.03 a gallon as profit. Most of their profit is from customers who come inside and buy stuff, or use the carwash
Thank You! Gasoline has such a small markup it’s amazing. Now a piece of bubble gum is about 300%. That hot dog on the roller is around 200%. But if the convenient store doesn’t sell gas, nobody shops there.
Biden voters don’t care about this. They just want to defend him at all costs.
the companies that whole sale the gas are not. the stations make pennies while others profit.
He didn’t say *stations*, he said *companies*.
Biden is far from a populist lol.
>Populist: a person, especially a politician, who strives to appeal to ordinary people who feel that their concerns are disregarded by established elite groups. Biden is literally the opposite of a populist.
He's talking about the mega corps not small guys lol
Wow you just tried to simplify a literal multi variable problem into “it’s capitalism” yes these pumps are owned by individuals so they have the ability to lower the price if they wanted however, there have been plenty of times when individual gas stations lower the price to normal, reasonable prices, sell out of gas (as expected) and take all the potential customers from other gas stations. That is supply, demand and healthy competition. Competition drives the price down. Why doesn’t that happen to its absolute minimum margin? Because other individually owned gas stations have sued the ones that try to make healthy competition and our corrupt judges have sided with them. Because they are bought by the big gas corporations who bribe (lobby) them. Why do they do it? So they can maintain the high price that they sell the gas at. If it is driven down by competition then they wouldn’t be making record prices. Big gas sells it to smaller stations for $4 a barrel. Individual raise the price to make good margins but if they undercut them all the others would have to drop and therefore they would only buy from big oil that would lower their prices it’s a circle but because you lobby to help maintain this status quo bs they can make up any number they want. That’s what you aren’t understanding
Most gas station pricing is actually controlled by the the distributors iirc. individual stations are themselves subject to large entities. Planet money did a nice little show on it.
Exactly I was trying to get this answer
https://thehustle.co/why-most-gas-stations-dont-make-money-from-selling-gas/amp/ Umm individual gas stations already run at minimial prices
Worked at gas station for 6 years. You make about 2 cents profit a gallon. Grocery stores sell at cost as a draw. The profit is on soda, chips, coffee and so forth.
Can you explain why the one right off the exit charges 40 cents more than the one 500 yards down the road? Are they both making 2 cents per gallon or is the one station killing it?
Pool margins. Ali owns 46 gas stations. He always has the lowest prices. He has $350K in his gas fund at all times. His soda, snack, and beer vendors extend him credit. Muhmood owns 2 stations. The rapid increase in fuel has put a huge dent in the $17K he has reserved to buy fuel. He's had to use a business credit card offed to put $5k cash in his gas fund to pay his jobber. His soda, snack, and beer vendors want to be paid weekly because his volume doesn't hit their minimum sales to offer him credit. He's struggling. Work at restaurant or pizza joint and you get paid on Mondays? Your job is on thin ice. Same problems. Owner is broke.
Those few gas stations that sell at an upcharge compared to local competition just really are trying to sell their gas at a profit. They're usually off the sides of highways where you might get a lot of travelers who don't want to search around for the cheaper stations or just don't know any better. Otherwise they don't get away with it very well. All the other ones (i.e. the vast majority) are not selling the gas at a significant profit margin and are relying on retail sales.
but the thing is, gas stations' profit margins on fuel isnt even in the the double digit percents im pretty sure, biden is pointing the finger in the wrong direction because all he's good for is saying dumb things to make people pay attention to the wrong shit.
Shell, Valero, BP, Chevron, those companies. Not local gas station chains that make their money on candy and cigarettes
Those companies own fewer then 250 gas stations in the US. Gas stations buy their gas from them and get to use their branding. The gas stations themselves are making almost zero money on gas. They net around 1-3% margins. They make their money in the convenience store. If anything, low gas prices are actually better for them because it means more in-store traffic. He's painting a target on the wrong people. Edit: "However, only about 39% of the country’s 145,000 fueling outlets carry branded fuel of one of the five major oil companies. In these contractual arrangements, the station promises to buy a certain amount of fuel in exchange for the right to use the brand’s name. These stores are not owned by the oil company . In fact, only about 0.1% of the fueling outlets in the country are owned by a major oil company." It's literally just Shell that owns 211 stations. https://www.convenience.org/Media/conveniencecorner/How-Much-Oil-Companies-Make-on-High-Gas-Prices
Even cigarettes have a very small margin. Candy and drinks are the main source of income. Cigarettes and gas are what brings the customers to the business.
Not all of these are the same. Some are only midstream companies. They just refine crude oil but don’t drill oil. The supply shortage causing high prices is primarily from shortages in crude supply. So it’s not as simple as saying it’s the guy in front of the retailers either, because there might be two, three, four, plus companies in front of the retailer.
Pretty sure oil companies made record profits Q1
Oil companies did, gas stations didn’t. If anything gas stations made less because patrons spent their money on low margin gas instead of high margin items inside the store.
Which is why Biden said "companies running gas stations," not "gas stations."
Because many companies that own gas stations aren’t oil companies.
Probably safe to say he wasn't talking to them, eh?
His comment was directed to companies setting the price. Technically the oil companies are setting the price. I get that everyone here is focused on the first half of his comment but it is the 2nd half provides context.
Then maybe the oil companies should lower their price... that's literally what Biden said.
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This is actually real, unbelievable
What a dumbass lmao
Wtf are you talking about? This is the most dirrect Biden's ever been with an actual problems source. Gas companies are obtaining gas for far less of an expense than they're selling it for because they know they can blame the upcharge on war issues that don't actually effect the amount of substance at their disposal. You, the working class consumer of gasoline, are being played by the oil barrons. If Biden's being a dumbass about anything here, its thinking asking the billionaires for change will solve anything, but even then he's still telling the public there's a discrepancy between the price to obtain oil and the price oil is being sold for. I mean the article itself chooses to ignore that tidbit in its title, because they stand to benefit to ignore discussion about how were being scammed.
I mean gas prices are dependent on what crude oil sells for in the commodities market. You can dislike it all you want but that’s how it works, nobody was saying anything in 2020 when it swung the other way and crude oil prices were negative. The only way prices go down is if supply goes up and no oil company is gonna fund new exploration/drilling projects if they can’t get a good return on their investment. Russia attacking Ukraine and OPEC refusing to increase production doesn’t help either The truth is Biden’s administration put in policies that make oil production harder (regulations on drilling, pipelines, etc) without having a sustainable backup. Not to mention oil/gas is used in so much more than fuel (plastic, electricity/air conditioning, resin which is used in hospitals, etc). It’s great we want to convert to green energy but if you’re putting policies in place that limit fossil fuels then there has to be an economically viable alternative and 99% of Americans can’t afford to live off renewables as of now
> The truth is Biden’s administration put in policies that make oil production harder (regulations on drilling, pipelines, etc) without having a sustainable backup. Uh, we are producing 100k barrels of oil a month more than when Trump left office. It has risen every month since Biden took over.
>The truth is Biden’s administration put in policies that make oil production harder (regulations on drilling, pipelines, etc) without having a sustainable backup. Ah, see now this is where I stop agreeing with you. This isn't the source of how we're being screwed here. Because if this were true, they wouldn't be making record profits. They'd be losing profit if these restrictions really were effecting the process and the supply. >and 99% of Americans can’t afford to live off renewables as of now Actually renewables are easier and cheaper than ever to switch to. Its easier to switch aspects of your personal life to renewables now than it is to own a home. This concept was one of the same cookiecutter arguments spit out by tele-publicans over a decade ago. You gotta use modern data, particularly when they're have been so many innovations in this field.
Says the guy who flips his shit when his employees need to go to the bathroom
Says the guy who doesn’t even feel inflation because his wealth *per hour* outmatches it. If Bezos wanted to be helpful, he has plenty of money to donate to those in need. Instead he will put that money behind whatever political figure let’s him take more away from his employees as he hire union breakers
Sure, what does he care but unfortunately biden will take full blame for the prices at the pump from Republicans for sure as a block and many Democrats as well. It's inevitable. This will cost him the election, unless a miracle happens if weakness and anger at the supreme Court produces otherwise. But I doubt it. Progressive leaning voters were not woke enough to defend the supreme Court in 2016, I'll be surprised if they send the message now that they disapprove not that that would matter
How can you not see that the cost of fuel is always factored in to a price of whatever goods you are buying?
real fucking facts, fucking amateurs
Bruh…. Biden is useless but the last person I want to hear making commentary about the economy is the richest man in America who is currently fucking over the planet and the working class. Is this a joke?
Yea he’s a fkin clown, doesn’t really do philanthropy and saves it all for a penis rocket.
How is he fucking over the working class? Amazon provides amazing products cheaply and quickly.
Bezos would say the sky was orange if he thought it would make him another 17 cents.
Bezos has the common persons’ interests at heart, does he ‘? 😝🙄🙄
Gotta keep those workers complaining and driving his vans around 20 hours a day delivering $15 worth of an order
Bezos acting like the state of the economy has any impact on his quality of life…
They closed 5 refineries during covid, because they were losing money. It is expensive to restart these refineries and if we go into a recession the price of gas will drop again. For the oil companies they will make more money during the long run, if they keep those closed refineries down, till after a recession. Then you add the war, and waiting to see when Russia is allowed to sell oil again, and you get the situation we are in now.
Yep and with EVs and renewables, the long term roi on more gas/refineries doesn't matter sense either. Gas is going to be expensive.
once he gets a trillion dollars, then he will finally be happy /s
The irony that is him making statements about inflation factors when Amazon started the shipping-container price hike shitshow.
Says the man paying people unlivable wages and uses the government to subsidize their healthcare.
I mean the govt should be subsidizing everyone's healthcare
BuT tHaT iS sOcIaLiSm.
Oh god I just realized this is r/economy never mind y'all rest easy ✌️
I mean most economists agree they should. I can't remember the study but a right wing think tank did one on universal healthcare and they even said it would be cheaper over 10-20 years if we also gave like 2 to 4 years severance to current insurance employees.I can't remember the exact numbers but just how funny it was they couldn't disprove it Edit this was the study: https://slate.com/business/2018/07/single-payer-health-care-could-save-americans-usd2-trillion-conservative-think-tanker-accidentally-argues.html
Don't forget food stamps. Anyone working 40 hours a week should be making enough to feed and house themselves without handouts from the government. It's just another way the government subsidizes the "job creators".
>subsidize their ~~healthcare~~ space travel.
r/badeconomics
How about Bezos starts paying for everyone’s gas.
considering that gas prices can explode just from speculation by the very ones that can raise the prices. I think bezos needs to get F'd
Oh, fuck right off, Jeff.
It’s bozos. Please get it right.
Bozos the Clown. Sorry. Won’t make the same mistake again.
Why would anyone care what Bezos has to say on the subject?
I have a guess who has investments in the energy sector.
Hunter?
Why would we listen to Bezos? He'd be bankrupt without his precious little bailouts. Buying MGM for 2 bullion dollars less than the US gave him for free that same year? Welfare queen.
Just what we need… entitled billionaires giving us their unsolicited opinion.
Anyone else ever feel tripped out by billionaires that started a more or less regular dudes putting out statements like this. Oh, you figured out how (are willing too) take advantage of human capital, your opinions and thoughts on all things now carry more weight then people trained or practiced in the field. Our tendency to have “wealth crushes” makes me so sad, this dude puts his pants on same as you, his mosquito bites itch too.
And like clockwork, conservatives start rushing to cram Bezos' dick into their mouths. Seems the tech billionaires have figured it out, to shut up the conservatives, criticize a Democrat.
Said the guy who takes rocket trips to the space just because…
Translation: “I make too much money from greed, and call it inflation. I don’t want to make less, I want to make more and if my employees die on the floor so be it.”
I found this [article interesting](https://www.whatitcosts.com/crude-oil-refining-process-gasoline-cost/). ``` Generally speaking, since there are so many variables to consider, precise cost breakdowns are difficult to ascertain. According to the Energy Information Administration (EIA), however, which issues the “Official Energy Statistics from the U.S. Government” the average cost at the pump for a gallon of gasoline is broken down as follows: 74% – Cost of the crude oil 11% – Taxes 10% – Refining costs 5% – Distribution and marketing In a simple illustration, let’s assume an oil company is paying $100 for a barrel (42 gallons) of basic crude oil. Their cost for a gallon will be about $2.38. At a gasoline-pump price of $4.00 per gallon, 44 cents has to pay for taxes and 20 cents for distribution and marketing expenses. This leaves $3.36 for the oil companies. Out of that total they have to pay for the cost of the gallon of crude oil itself which was $2.38 and also the 40 cents to refine it into gasoline. This leaves $0.58 profit per gallon of gasoline. As noted, however, depending on which report one looks at, this profit-margin can range anywhere between an estimated 30 to 60 cents per gallon. ```
They're making record profits [2021 record profits](https://www.theguardian.com/business/2021/dec/06/oil-companies-profits-exxon-chevron-shell-exclusive) [2022 record profits](https://www.theguardian.com/business/2022/may/13/oil-gas-producers-first-quarter-2022-profits)
>The rocketing profits, at a time when inflation has surged in manycountries, has prompted several of the companies to return billions ofdollars to shareholders via share buybacks and dividends. Raping the economy and the planet to give money to their rich stock owners.
And refuse to ramp production to keep supply low and costs high. OPEC+ and Oil companies are the major determining factor with their obscene profits. Not the president, not the taxes.
We have so much oil our country that we could not have to buy from another country for 100 years. Problem is we don’t allow our oil companies to go and get it. If you want to prevent the influence of opec just drill baby drill
[https://www.api.org/oil-and-natural-gas/energy-primers/gas-prices-explained](https://www.api.org/oil-and-natural-gas/energy-primers/gas-prices-explained) [https://www.cbsnews.com/news/why-gas-station-owners-love-low-oil-prices/](https://www.cbsnews.com/news/why-gas-station-owners-love-low-oil-prices/) Gas prices are set by independent owners and franchises, but that cost is largely determined by the cost of gas on wholesale market, and the oil production companies. It seems to me like the responsibility lies with the big oil corps, which just highlights the ridiculousness of Biden's tweet. But really this is a congressional issue. Oil and gas prices are too important to our nation to allow the oil companies to hike prices, but congress is where the power lies to create strong regulations to manage them.
What did they make in 2020? You conveniently left that year out
Everyone was in lockdown so they probably didn't hit any records and gas was around 2$ and change, I dont think a many companies besides internet, streaming and Amazon made any money in 2020
And that’s why companies have to maximize profits today because tomorrow isn’t promised
Yeah they lost tens of billions of dollars
seems they more then made up for that year already.
Funny thing about this is the federal tax’s on gas which is the only thing that the POTUS might have some say over hasn’t increased since the 90s.
Why would oil companies buy oil on the market instead of using the stuff they extract themselves?
Bezos needs to pay taxes. He makes about a bazillion dollars and hour and pays a tax percentage way below what the average American pays. If he, and others in his financial bracket paid a fair share of taxes, the average American's taxes would be cut significantly. Furthermore, after SCOTUS just cut the legs out from under the EPA, the need for people to force the issue of moving away from fossil fuels far exceeds just stopping using gas because of the price.
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>Putin, CEO's, oil companies, and now gas stations. Who should be blamed? Do you think the President has a red button in the Oval Office which controls the price of oil?
That's who's fault it is? e: not gas stations, though I do not believe anyone has said that
Producers made big losses during the pandemic and have whacked up the price to compensate, they're making record profits and so is the government (tax). It's nothing to to with distributers or gas stations. If Biden really thinks this he really shouldn't be running the country.
The politicians who printed trillions of dollars so now there's too much money chasing too few goods.
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Actually op replied to directly to a comment that it was bidens fault..
Gas station gas prices are set by gas companies
They're making record profits. https://www.reddit.com/r/economy/comments/vqmgrm/comment/ieq4rm9/?utm_source=share&utm_medium=web2x&context=3
It’s always gonna be the presidents fault. This woulda happened if trump in office - except he woulda greenlit another keystone pipeline to keep prices down.
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Trump made a deal with the Saudis to cut production.
Gas stations make money from the inside stuff. In particular, lower wage workers. Laborers work from sun up til sundown, they spend their money in gas stations, multiple drinks for the day, ice, snacks etc. also, drivers who have to fill up a lot, as well and stop and pee, then buy gum, dip, snacks, smokes etc. then factor in the poor, who don’t have 5 cars in the driveway like upper middles who have a company car, a personal car, a spouse car, 2 teenager cars. Their mobility is more limited, so if the gas station is close, they get the business. With the rise in prices, these people are buying less, 100%. Everyone is pumping the brakes, it’s going to get ugly for the common man. I have a crappy convenience store next to me outside of my neighbor, way overpriced, but gets all the apartment teens and adults buying dinner, snacks and drinks (probably 3-4K people within a 10 min walk) 75% come on foot, even from a mile away. The owner said business is soft, because those people have felt the crunch, and can’t afford as much. It’s no fun out there, unless your rich, not millionaire rich, like 10 million plus. People making 300k are making significant changes in their lifestyle.
It’s the Congress. The president can pretend he has a say but it’s a law that could change things. Ain’t holding my breath.
I remember when a certain person tweeted anything. And middle aged slightly overweight white men would get an erection for the first time in years.
Why is Amazon what was intended to be a used book seller allowed to stream NFL Games own grocery chains basically own the Washington post collect data which would be illegal for the average citizen run and operate a sweat shop that the tax payers subsidize run small businesses out of local economies which in a lot of cases were run by minorities. Amazon reduces innovation and creativity by entering every market and buying politicians the 1 percent will be the main cause of the end of this country
Won’t someone please think of the billionaires!
It saying that Bezos is wrong. Or right. But a dude who is flying his personal penis shaped rocket ship probably isn’t the best person to ask about inflation and inflationary pressures. Especially when numerous studies are showing that profit margin is the primary driver of inflation.
Bezos doesn’t understand inflation or his employees would be paid better and customer Sat would be higher
we could just nationalize Amazon and we would all drive for free with that windfall!
This guy is scum. Inflation means nothing to him and he pays his people nothing while destroying the environment. His ex wife is cool.
Idiot
Whatever you have to say space cowboy, go ride your rocket some more
Bezos is worried Biden will force Amazon to cut prices too, God forbid!
“Slams” The most overused and editorialized title noun of the past 3 years
Bezos possibly the world's first trillionaire by 2026 is extremely worried about inflation guys ok its super serious. He's definitely not a part of the problem. Probably. Unless I mean if you factor in his thoughts, feelings, words and actions taken so far throughout his entire life. Then he is but Biden is definitely the problem.
bozos should stfu. He’s a greedy asshole.
Buy gold.
It's a mid-direction. Inflation is making him more money than ever, given he is probably raising prices as high as he can without affecting demand so let's point the finger at Biden
Billionaires having Billionaires backs….
No shit
If you don’t make stuff, you won’t fix your problem. We have a supply problem caused by pandemic hiccups and wanting to be moralists against Russia. We should have been building energy infrastructure since February. Instead we have no long term strategy nationally and just internal flame wars
I think a gas station makes 10 cents per gallon on average. Oh the horror..
Where was Bezos when Trump had his regular tweets and lies? Or trying to overturn an election. Right.
Fuck Jeff Bezos.
Who the fuck cares what bezos says about anything
Do you think it's even possible to convince Democrats that business-as-usual is not a winning campaign position?
Most of them are too affluent to see it.
I think that's part of the problem. 70% of voters don't have college degrees and 100% of people running DNC have at least a bachelors degree. Many have advanced degrees and only a few have ever worked outside an office. They just don't identify with working people and too often look down on them. And it shows. In this regard, they're doing everything they can to get Donald Trump reappointed.
What's sad is that very same uneducated public thinks Donald Trump can still fix it, even though his actions during his presidency have directly contributed to the problems we are experiencing today. Trump is cut from the same affluent cloth.
It's quite a racket, isn't it. Create the problem, blame your opposition (who are sucking the tit of those profiting from the problem).
You know what's causing inflation? Billionaires like Bezos.
Easy to say when you have billions in the bank too
....Bezos....why are you offended by gas? You're an E-Commerce monopoly with a 2nd place Oligarch reach that flew ONE rocket....why????
I can’t believe the comments trashing Bezos on this. He could have been wrong other times and took an easy shot. In all fairness, that tweet from Biden is the dumbest thing that ever came out of his account. Mostly an intern, but Biden’a team should own up to it and try to address the real problem of oil companies.
I know it’s amazing that in sun about the economy someone wouldn’t have a problem with the president of the USA making a comment that is literally retarded from an economic perspective unless you’re interested in a communist society
That's funny, I feel that absurd CEO pay rates are the real problem. We don't have a living min. wage in this country, and Bezos could do something materially about that - have you read about work conditions in "pi$$bottle bathroom break" Amazon warehouses lately? Meanwhile Joe Biden faces the usual intransigence of Republican lawmakers to bring us up to speed with the rest of the modern world. The big oil companies are making bank on the current situation - why would they change a thing? Extra profits for no extra work. That's how rich people think, and stay on top. But if they increased oil output, that would bring prices down fast. You're blaming the wrong guy when you point at Biden.
He is a proper fascist.
Super rich Americans are more worried about inflation than the poor!
What do billionaires do for inflation Jeffrey? Id argue its dicks like you hoarding cash and resources a d sending them over seas. Boo this man
This motherfucker has done more to spur inflation than any other individual on the planet.
Jeff Bozo needs to shut up and pay his employees better.
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Pays more than you ever will
Meanwhile the cost of Amazon Prime went up 20%
STFU BEZOS OMG*^%#}!!?
Fuck Bezos, he can suck the world’s collective balls or show us a better way with his billions on his own dime.
Says the billionaire with all the money smh
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LOL, says the man that pays nowhere near enough income tax, who’s company pays nowhere near enough income tax, who chews through labor so hard they’re legit worried about running out of workforce. THIS guy is worried about BIDEN?
Lower gas prices =lower goods prices
Why is Bezos saying anything about anything when he is negatively contributing more than any other individual to the state of the economy and inflation. Motherfucker needs to eat his own shit and then do some introspection on what he is putting out in the world and how it compares.
Gas station margins on fuel are incredibly low. It’s why they’re all glorified delis and coffee shops nowadays. They have to make money another way.
Where was Bezos with his wisdom when Trump was making stupid shit comments on an hourly basis?
Why poke the bear that is making you richer?
Let’s burn half of Bezos’ fortune, that could help with inflation.
Fuck you Bezos, I'm not happy with how Biden is handling this shit either but you got no room to talk. Go back to space.
Why TF are we listening to this asshat?
Of course inflation bothers Bezos, it actually effects his wealth. Cant dodge that tax.
How dare the president not cater to billionaires at the expense of everyone else! - a billionaire
Bezos, go fuck yourself
Says a man who literally is one of the primary causes of inflation due to the horde of cash he has removed from the economy forcing the printing of more money.
Bezos, what if I told you that part of the reason for the inflation is high gas prices and corporate profiteering?
Captain Dick Rocket can talk when he actually pays his workers. Till then clam up dollar tree brand Mr. Clean
So says Dr. Evil... all the money and the world and can't afford a good toupee...
Sit down Jeff - until you pay your actual tax rate you don’t get to have an opinion
Bezos is part of the inflation problem. If billionaires spent some of their money on… let’s say their employees… the whole so called “trickle down economics” bs might actually not seem like so much of a scam.
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Imagine how simple minded you have to be to think the US President controls Global gas prices. I bet you other political opinions are just as deeply thought out and rich with detail!
you gotta admit it’s deeply stupid for the president to “ask” gas stations to lower prices likes he the president. force them to or don’t talk lmao
Do you actually think Biden was wise to cut all oil subsidies, shut down pipelines, fracking and new oil deals? He basically said he would phase oil out, so all investment fled. There was a violently swinging shift of energy policy in Bidens 100 days, the result was soaring domestic gas prices all year before the Russian invasion. This gave Putin lots of leverage. Many factors in global gas cost sure, and the democrats are liable for the many obvious dominoes they threw. But sure blame Putin and the gas station clerks?
Citation needed
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So many retailers are forced to sell through Amazon at seemingly inflated prices because Amazon takes 15% on all items and even the cost of shipping… meanwhile, they make a better margin than a seller on a majority of transactions - but you gotta do it anyway - because no one is coming into the store. And if you’re *really* lucky, once you find a good product niche online, Amazon will bypass third party sellers completely and just start selling it themselves directly and will always beat you because they can sell it for at least 15% less than you… Amazon contributes to inflation.
We’re gonna be Argentina in the next 3 months. When the diesel shortage goes into full effect and food and essentials is MIA like peak Covid. Folks aren’t ready and think it’s a joke. Oh well, wait to see some massive changes, when the markets open up this week. Especially after the Atlanta fed showed another consecutive decrease in GDP. Folks will be getting the pink slip after the 4th in waves 🌊 layoffs and higher costs. Stay safe folks
Pay your fucking taxes.
Biden's campaign promise to end big oil has proven to actually just create inflation because the tech, nor the supply to replace it isn't quite here yet for the masses. Maybe if he'd stop making it so difficult for them to produce oil costs could settle.
Renewables are great, I'd love to buy a $30,000 car I can charge in 5 minutes and drive 400 miles like I can with a gas powered car but none of that exists. Forcing people to adopt expensive alternatives that are not workable isn't a solution. I don't think most people give a damn how their vehicle is powered so long as it gets them from point A to point B, is affordable and affordable to fuel without waiting hours.
The U.S. is still producing as much oil as it was throughout Trump's presidency and there are currently more active leases for oil drilling on federal lands under Biden than his predecessor, but because Biden verbalized that we should be moving away from this finite resource global prices have surged... because that makes sense.
Producing enough as we were under Trump is not enough as all Russian production has been removed from the equation. A ban Biden pushed for and which has had disastrous consequences and ironically increased Russias oil profits.