{"id":1539976,"date":"2022-07-05T13:49:24","date_gmt":"2022-07-05T17:49:24","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1539976"},"modified":"2022-07-05T13:49:27","modified_gmt":"2022-07-05T17:49:27","slug":"oil-group-blasts-biden-tweet-tells-intern-who-posted-this-to-take-econ-101","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-group-blasts-biden-tweet-tells-intern-who-posted-this-to-take-econ-101\/","title":{"rendered":"Oil Group Blasts Biden Tweet, Tells \u2018Intern Who Posted This\u2019 To Take \u2018Econ 101\u2019"},"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\">28<\/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%2Foil-group-blasts-biden-tweet-tells-intern-who-posted-this-to-take-econ-101%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=1539976&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 and Gas Association blasted President <a href=\"http:\/\/dailywire.com\/topic\/biden-administration\">Joe Biden<\/a> and his apparent economic illiteracy for demanding that <a href=\"https:\/\/www.dailywire.com\/topic\/oil-and-gas\">gas<\/a> stations bring down their <a href=\"http:\/\/dailywire.com\/topic\/inflation\">prices<\/a>.<\/p>\n<p>The national average <a href=\"http:\/\/dailywire.com\/topic\/gas-prices\">price of gas<\/a> in the United States is currently $4.80 per gallon, according to <a href=\"https:\/\/gasprices.aaa.com\/\">AAA<\/a>, with the national average temporarily surpassing <a href=\"https:\/\/www.dailywire.com\/news\/gas-prices-hit-grim-national-average-of-5-per-gallon\">$5.00 per gallon<\/a> last month. Fuel costs have risen since the <a href=\"http:\/\/dailywire.com\/topic\/russia\">Russian<\/a> invasion of <a href=\"http:\/\/dailywire.com\/topic\/ukraine\">Ukraine<\/a> \u2014 yet the Biden administration has pursued policies such as nixing expansions to the <a href=\"https:\/\/www.dailywire.com\/news\/peter-doocy-asks-for-a-straight-answer-on-keystone-gets-the-runaround-from-jen-psaki\">Keystone XL Pipeline<\/a> last year and delaying new <a href=\"https:\/\/www.dailywire.com\/news\/unacceptable-cruz-gop-senators-demand-end-to-oil-and-gas-lease-permit-delays\">drilling permits<\/a>.<\/p>\n<p>Meanwhile, Biden has repeatedly <a href=\"https:\/\/www.dailywire.com\/news\/biden-sends-letter-to-oil-companies-blasting-them-for-profits-demanding-they-increase-oil-production\">exhorted oil companies<\/a> to cut into their own prices and increase production.<\/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 repeated via Twitter on Saturday. \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>The U.S. Oil and Gas Association \u2014 a petroleum industry advocacy group \u2014 responded to the commander-in-chief by affirming that they are \u201cworking on it.\u201d The organization wished Biden a happy <a href=\"https:\/\/www.dailywire.com\/topic\/4th-of-july\">Fourth of July<\/a> and asked him to \u201cplease make sure\u201d the White House intern who posted the tweet \u201cregisters for Econ 101 for the fall semester.\u201d<\/p>\n<p dir=\"ltr\" lang=\"en\">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>Crude oil accounts for 59% of prices at the pump, with refining, distribution, and taxes accounting for the rest of the cost consumers face, according to a recent report from the <a href=\"https:\/\/www.dallasfed.org\/research\/economics\/2022\/0510\">Federal Reserve Bank of Dallas<\/a>. Prices charged by gas stations have recently dropped at a slower pace than the price of oil \u2014 although corporate greed is not necessarily the culprit.<\/p>\n<p>\u201cOne potential explanation is that station operators are recapturing margins lost during the upswing, when gas stations were initially slow to increase pump prices,\u201d the Dallas analysts explained. \u201cThe reluctance to lower retail prices also likely reflects concerns that oil prices \u2014 and, hence, wholesale gasoline prices \u2014 may quickly rebound, eating into station profit margins.\u201d<\/p>\n<p>Gas stations earn a slim 1.4% margin on their fuel, according to industry research company <a href=\"https:\/\/thehustle.co\/the-economics-of-gas-stations\/\">IBISWorld<\/a>, placing them among the lowest margin industries in the United States. Indeed, a <a href=\"https:\/\/www.barrons.com\/articles\/gasoline-prices-data-analysis-retail-refiners-profits-51654892374\">Barron\u2019s<\/a> analysis of data from more than 135,000 gas stations showed that although profits \u201cbriefly jumped\u201d after the Russian invasion, the industry is still recovering from earlier profit shortfalls that arose due to supply chain issues. Gas stations \u2014 which Barron\u2019s characterized as \u201cminnows in the gasoline food chain\u201d \u2014 are now suffering as customers pass on snack purchases due to inflationary pressures.<\/p>\n<p>As the cost of gas has fallen slightly, altered consumer behavior may also be a cause for higher prices at the pump.<\/p>\n<p>\u201cAnother 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,\u201d the Dallas analysts continued. \u201cThis 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 \u2014 and the response to lower oil prices to a feather.\u201d<\/p>\n<p>Beyond gas station prices, analysts at JPMorgan Chase are warning that <a href=\"https:\/\/www.dailywire.com\/news\/jp-morgan-makes-dire-and-terrifying-prediction-on-future-oil-prices\">oil prices could triple<\/a> to $380 a barrel as Russian officials continue their invasion of Ukraine. \u201cIt is likely that the government could retaliate by cutting output as a way to inflict pain on the West,\u201d analysts wrote. \u201cThe tightness of the global oil market is on Russia\u2019s side.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Oil and Gas Association blasted President Joe Biden and his apparent economic illiteracy for demanding that gas stations bring down their prices. The national average price of gas in the United States is currently $4.80 per gallon, according to AAA, with the national average temporarily surpassing $5.00 per gallon last month. Fuel costs &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1512585,"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-1539976","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\/1539976","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\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1539976"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1539976\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1512585"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1539976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1539976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1539976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}