Welp, This one began badly — but quickly sank down to the White House personal attack toilet.
Zillionaire Amazon founder Jeff Bezos and Washington Post owner Jeff Bezos took aim at Joe Biden on Saturday. He essentially accused Biden of being ignorant, lying or both. In an inept tweet that Biden posted to his Twitter account, in which he warned gas stations to reduce their prices,
My message to companies that run gas stations or set prices at pumps is clear: This is wartime and we are in global peril.
Reduce the price that you charge at the pump in order to make it reflect what you paid for the product. Do it immediately.
Where do you start? We’ll get there, don’t be discouraged.
My message to companies that run gas stations or set prices at pumps is clear: This is wartime and we are in global peril.
Reduce the price that you charge at the pump in order to make it reflect what you paid for the product. Do it immediately.
— President Biden (@POTUS) July 2, 2022
Bezos, a man who is presumably as much as Biden about market dynamics, replied:
Ouch. The White House cannot continue to make statements about inflation when it is too serious a problem. Either it’s straight forward misdirection, or an utter misunderstanding about basic market dynamics.
“Ouch” is correct.
Ouch. This is a ridiculous statement from the White House. Inflation has become too serious a problem. Either it’s straight forward misdirection, or there is a profound misinterpretation of fundamental market dynamics. https://t.co/XgKfEICZpk
— Jeff Bezos (@JeffBezos) July 3, 2022
And just like that, the embattled White House press secretary Karine Jean-Pierre threw a full-metal tantrum about Bezos and launched into a Twitter storm, slamming Bezos as a wildly successful entrepreneur.
Oil prices have dropped by about $15 over the past month, but prices at the pump have barely come down. This is not “basic market dynamics”. It’s an American market that’s failing its American consumers.
Please. The oil prices fell by 7.8 % Thursday. This is the first month-to-month drop. Why? Bidenflation, and the Biden Energy Crisis. You’re already embarrassing yourself, KJP.
Oil prices have dropped by about $15 over the past month, but prices at the pump have barely come down.
This is not basic market dynamics. It’s an American market that’s failing its consumer. https://t.co/xpsK0QsQPT
— Karine Jean-Pierre (@PressSec) July 3, 2022
Jean-Pierre launched an affrontive personal attack against Jean-Pierre, who was apparently unable to control herself and is currently the second-richest man on the planet.
It’s probably not surprising that oil companies use market power to make record profits at American taxpayers.
Translation: “Na-na na-na boo-boo!”
It’s probably not surprising to you that oil companies use market power to make record profits at American taxpayers.
— Karine Jean-Pierre (@PressSec) July 3, 2022
Complete andutter nonsense.
As I reported back in May, Federal Reserve economists discredited Biden’s false accusation that oil-company “profiteering” was a fabrication. This is what he then uses to justify his gas price increases. Let’s not forget about Biden’s ridiculous notion of “bringing down the pump .”
Based on the following breakdown, Biden’s tweet was even more of a joke than I initially realized.
Generally, the markup (or “margin”) on a gallon of gas is about 15 cents per gallon (gross profit before expenses). A retailer can make about two cents per gallon profit after taking out expenses such as rent, utility bills, freight and labor.
Stores sell an average of 4,000 gallons per day, so retailers typically make about $100 per day selling gas (net profit available to pay other costs not previously referenced such as maintenance and insurance). The margins can fluctuate throughout the year.
When wholesale prices rise, retailers tend to hold back on price increases because price-sensitive customers may go elsewhere to purchase their fuel. This can lead to retailers losing money for every gallon of fuel sold.
When wholesale prices drop, retailers look to increase margins in order to make up for the lost margins that were created when prices rose.
It’s shocking to see that market experts and energy specialists like Joe Biden or Karine Jean Pierre seem completely ignorant about this reality. Why it’s almost like they’re lying their asses off because they have no idea what they’re doing.
Incidentally: A follower of mine who has a station owned by a gasoline station commented on the thread “Thanks Mike!” “We own a gas station, and the markup you said is exact on.” Empirical data? No. I have a trusted friend that has been with me for many years. Yes.
Concerning Karine Jean Pierre, one cannot but imagine the day-to-day horrors of fighting Joe Biden , and the things that come from his mouth. Added to his many failed policies, KJP makes Jen Psaki, former White House press secretary, look like Dana Perino in the Bush administration.
Related on RedState:
Karine Jean-Pierre Tells One Heck of a Whopper About the Border
Stunned Karine Jean-Pierre Laughs off CNN Question About Biden’s Stamina and Mental Acuity
68 Reporters Send Letter to Karine Jean-Pierre Slamming White House Over Limited Access
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