US President Joe Biden blasted American gas station owners for not decreasing the prices of their fuel despite making historic profits.
During the president’s conference with the economic experts, he declared that the prices for oil and gas
have dropped significantly last month. However, energy giants have not transferred the benefit of declining prices to Americans.
In the statement released by the president, he slammed oil and gas companies for making billions of dollars of profit by price gouging, which increases the burdens on average Americans despite the decline in inflation.
Joe Biden demands gas station owners lower prices for gas. Does he not understand that gas stations make a penny or two on each gallon? Gas stations make their money on items bought inside. This is just an embarrassing lack of basic business knowledge. pic.twitter.com/rAcPChyvUX— Clay Travis (@ClayTravis) September 27, 2022
The president also asked the gas companies to trickle down the benefits to American consumers as they are enjoying the benefits of low gas prices.
In addition, he also called for gas companies to reduce their profits urgently, instead of waiting for another month and added that it would save Americans a lot of money.
However, following Biden’s statements, energy experts responded and disagreed with Biden’s assessment of the gas stations.
In the statement released by Bob Bilbruck, a veteran gas station businessman and a CEO of a business consultancy company, he blasted Biden for putting unrealistic demands in front of gas station owners.
According to Bilbruck, “gas stations work on minimal margins, as they have to deal with various kinds of challenges while purchasing gas and selling it to consumers,” Conservative cardinal reported.
“Bilbruck established all gas stations are forced to keep their prices competitive, due to the ongoing competition in the oil and gas industry. As oil and gas drilling has been reduced significantly, Bilbruck continued, the supply side is facing severe challenges, which are directly impacting gas prices,” the report added.
Furthermore, Energy analysts argued that President Biden’s attempt to “undermine the oil and gas sector” would “decrease the competition in the industry since business owners feel reluctant to invest in fossil fuels in the presence of a liberal president,” reducing the competition which would eventually lead to an increase in oil and gas prices further.
Recently, president Biden has touted his success in bringing the gas prices down, which rose to the historic high level of $5.02 per gallon in mid-June.
