{"id":1538363,"date":"2022-07-04T09:20:11","date_gmt":"2022-07-04T13:20:11","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1538363"},"modified":"2022-07-04T09:20:21","modified_gmt":"2022-07-04T13:20:21","slug":"u-s-energy-producers-dismantle-biden-after-he-demands-gas-stations-drop-their-prices","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-energy-producers-dismantle-biden-after-he-demands-gas-stations-drop-their-prices\/","title":{"rendered":"U.S. Energy Producers Dismantle Biden After He Demands Gas Stations Drop Their Prices"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fu-s-energy-producers-dismantle-biden-after-he-demands-gas-stations-drop-their-prices%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1538363&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The U.S. Oil &#038; Gas Association (USOGA) mocked Democrat President Joe Biden over the weekend after the wildly unpopular president demanded that privately-owned gas stations lower their prices and that they \u201cdo it now.\u201d<\/p>\n<p>\u201cMy message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril,\u201d Biden tweeted. \u201cBring down the price you are charging at the pump to reflect the cost you\u2019re paying for the product. And do it now.\u201d<\/p>\n<p>\u201cWorking on it Mr. President,\u201d the USOGA responded. \u201cIn the meantime \u2013 have a Happy 4th and please make sure the WH intern who posted this tweet registers for Econ 101 for the fall semester\u2026\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">Working on it Mr. President. In the meantime \u2013 have a Happy 4th and please make sure the WH intern who posted this tweet registers for Econ 101 for the fall semester\u2026 <a href=\"https:\/\/t.co\/6yLpbDDRKc\">https:\/\/t.co\/6yLpbDDRKc<\/a><\/p>\n<p>\u2014 US Oil &#038; Gas Association (@US_OGA) <a href=\"https:\/\/twitter.com\/US_OGA\/status\/1543598296668803075?ref_src=twsrc%5Etfw\">July 3, 2022<\/a><\/p>\n<p>Biden\u2019s claim comes after NBC News <a href=\"https:\/\/www.nbcnews.com\/business\/business-news\/economics-gas-station-rcna19516\">reported<\/a> earlier this year that gas stations make \u201c15 cents a gallon on average, according to the National Association of Convenience Stores.\u201d<\/p>\n<p>The cost of gasoline has been\u00a0<a href=\"https:\/\/www.dailywire.com\/news\/gas-prices-up-nearly-80-since-biden-took-office\">increasing<\/a> for most of Biden\u2019s presidency as his administration has continued to block drilling efforts. A new <a href=\"https:\/\/www.wsj.com\/articles\/biden-plans-to-block-new-offshore-oil-drilling-in-atlantic-pacific-11656709209?mod=mhp\">report<\/a> from The Wall Street Journal detailed how the far-left administration \u201cplans to block new offshore oil drilling in the Atlantic and Pacific oceans.\u201d<\/p>\n<p>Amazon founder Jeff Bezos, one of the most successful businessmen in history, also mocked Biden for the tweet, writing: \u201cOuch. Inflation is far too important a problem for the White House to keep making statements like this. It\u2019s either straight ahead misdirection or a deep misunderstanding of basic market dynamics.\u201d<\/p>\n<p>White House press secretary Karine Jean-Pierre tried to clap back at Bezos on Twitter, writing: \u201cOil prices have dropped by about $15 over the past month, but prices at the pump have barely come down. That\u2019s not \u2018basic market dynamics.\u2019 It\u2019s a market that is failing the American consumer.\u201d<\/p>\n<p>\u201cBut I guess it\u2019s not surprising that you think oil and gas companies using market power to reap record profits at the expense of the American people is the way our economy is supposed to work,\u201d she continued.<\/p>\n<p>The Federal Reserve Bank of Dallas <a href=\"https:\/\/www.dallasfed.org\/research\/economics\/2022\/0510\">noted<\/a> that gas prices remaining high despite a slight decrease in the price of a barrel of oil can be \u201cattributed to events in the U.S. retail gasoline market beyond the control of oil producers.\u201d<\/p>\n<p>The institution added:<\/p>\n<p><em>Moreover, the asymmetry of the response of retail gasoline prices need not be evidence of price gouging. One potential explanation is that station operators are recapturing margins lost during the upswing, when gas stations were initially slow to increase pump prices. The reluctance to lower retail prices also likely reflects concerns that oil prices\u2014and, hence, wholesale gasoline prices\u2014may quickly rebound, eating into station profit margins.<\/em><\/p>\n<p><em>Another possible reason for this asymmetry is consumers\u2019 tendency to more intensively search for lower pump prices as gasoline prices rise than when they decline. This diminished search effort provides further pricing power to gas stations, causing prices to fall more slowly than they rose. This has prompted researchers to liken the response of gasoline prices to higher oil prices to a rocket\u2014and the response to lower oil prices to a feather.<\/em><\/p>\n<p><em>Yet another potential explanation for this asymmetry is that seasonal demand tends to increase as the weather warms, supporting higher retail prices.<\/em><\/p>\n<p><strong>RELATED:\u00a0<a href=\"https:\/\/www.dailywire.com\/news\/press-corps-has-had-it-with-biden-white-house-continued-efforts-to-limit-access-to-the-president-cannot-be-defended\">Press Corps Has Had It With Biden White House: \u2018Continued Efforts To Limit Access To The President Cannot Be Defended\u2019<\/p>\n<p><\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Oil &#038; Gas Association (USOGA) mocked Democrat President Joe Biden over the weekend after the wildly unpopular president demanded that privately-owned gas stations lower their prices and that they \u201cdo it now.\u201d \u201cMy message to the companies running gas stations and setting prices at the pump is simple: this is a time of &#8230;<\/p>\n","protected":false},"author":102,"featured_media":1538408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1538363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1538363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/102"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1538363"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1538363\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1538408"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1538363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1538363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1538363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}