Welp, this one started out bad — and quickly swirled down the White House personal-attack toilet.
Zillionaire Amazon founder and Washington Post owner Jeff Bezos on Saturday took a hard shot at Joe Biden, the most inept president in the history of the presidency, and essentially accused him of being clueless, lying, or both in an idiotic tweet posted to Biden’s Twitter account in which he admonished gas stations to lower their prices:
The message I want to send to companies that run gas stations or set prices at the pumps is: It is a time for war and global peril.
Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. Do it immediately.
What’s the best place to start? Don’t worry — we’ll get there.
The message I want to send to companies that run gas stations or set prices at the pumps is: It is a time for war and global peril.
Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. Do it immediately.
— President Biden (@POTUS) July 2, 2022
Bezos who, presumably, knows At least twice as manyBiden also responded on market dynamics:
Ouch. The White House cannot continue to make statements about inflation like these. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics.
“Ouch,” is right.
Ouch. The White House cannot continue to make statements about inflation like these. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics. https://t.co/XgKfEICZpk
— Jeff Bezos (@JeffBezos) July 3, 2022
The embattled White House Press secretary Karine Jean-Pierre unleashed a torrential tirade on Bezos in an instant tweet storm, slamming the extremely successful businessman/entrepreneur.
While oil prices dropped about $15 in the last month, pump prices have not fallen much. That’s not “basic market dynamics.” It’s a market that is failing the American consumer.
Please. The oil prices fell by 7.8 percent last Thursday. This is the first month-to-month drop. You want to know why? Bidenflation is the Biden Energy Crisis. You’re already embarrassing yourself, KJP.
The price of oil has dropped $15 per barrel over the past month but the prices paid at the pumps have not fallen.
That’s not “basic market dynamics.” It’s a market that is failing the American consumer. https://t.co/xpsK0QsQPT
— Karine Jean-Pierre (@PressSec) July 3, 2022
Jean-Pierre was apparently too feigned to hold her ground and launched a personal attack against one of the greatest businessmen ever, currently the second richest man on Earth.
But I guess it’s 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.
Translation: “Na-na na-na boo-boo!”
But I guess it’s 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.
— Karine Jean-Pierre (@PressSec) July 3, 2022
Absolute and complete nonsense.
As I reported in May, even Federal Reserve economists have destroyed Biden’s false accusation of oil-company “profiteering,” which he uses as yet another lame excuse for his own gas price hikes. And while we’re at it, let’s address Biden’s silly notion about “bringing the price down at 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 will make around 2 cents per gallon after taking out expenses like rent, utility, freight, labor, and credit card charges.
On average, stores sell 4,000 gallons of gas per day. This means that retailers make $100 per day (net profit) to cover other expenses not mentioned previously such as maintenance or insurance. The margins can fluctuate throughout the year.
When wholesale prices climb, retailers typically hold back price increases, knowing that price-sensitive customers will go somewhere else to buy their fuel – and other items inside the store. Retailers can lose money every time they sell fuel.
Retailers seek out ways to increase margins in order to make up for the lower wholesale prices.
What is shocking, then? Well-known market dynamics experts Joe Biden or Karine Jean Pierre appear completely clueless about these facts. Why it’s It is almost like they’re lying their asses off because they have no idea what they’re doing.
Incidentally, when I posted the above breakdown on social media, a follower who owns a gas station commented in the thread: “Thanks, Mike! We own a gas station and the markup u said is exactly on!” Empirical data? No. Yes. A friend I trust who has been there for me over the years. Yes.
Karine Jean Pierre, one can only picture the horrors that come with defending. Joe Bidenand the things that come from his mouth. Let alone all his failed policies and what they have cost America. Jen Psaki, former White House Press Secretary during the Bush Administration, looks like KJP.
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