Share this @internewscast.com
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:
My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril.
Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.
Where does one begin? Don’t worry — we’ll get there.
My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril.
Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.
— President Biden (@POTUS) July 2, 2022
Bezos, who presumably knows at least as much about market dynamics as does Biden, responded:
Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics.
“Ouch,” is right.
Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics.
— Jeff Bezos (@JeffBezos) July 3, 2022
And just like that, embattled White House Press Secretary Karine Jean-Pierre went full-metal temper tantrum on Bezos, lashing out at the wildly successful businessman and entrepreneur in a mini tweet storm.
Oil prices have dropped by about $15 over the past month, but prices at the pump have barely come down. That’s not “basic market dynamics.” It’s a market that is failing the American consumer.
Please. Oil prices dropped a mere 7.8 percent on Thursday, the first monthly drop in a year. Know why? Because of 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.
That’s not “basic market dynamics.” It’s a market that is failing the American consumer.
— Karine Jean-Pierre (@PressSec) July 3, 2022
Apparently unable to contain herself, Jean-Pierre then launched a sophomoric personal attack on one of the most successful businessmen in history and currently the second-richest guy on the planet.
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
Complete and utter 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). Factoring in expenses, which include rent, utilities, freight, labor and credit card fees, a retailer is left with about 2 cents per gallon in profit.
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). Margins can vary wildly 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. This often leads to a situation where retailers will lose money on every gallon they sell.
When wholesale prices fall, retailers seek to extend margins to compensate for lost margins when prices were rising.
How shocking that renowned market dynamics and energy experts like Joe Biden and Karine Jean-Pierre appear totally clueless about the above reality. Why it’s 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. A trusted friend who has followed me for years? Yes.
As to Karine Jean-Pierre, while one can only imagine the daily horrors of defending Joe Biden and things that come out of his mouth; let alone his multitude of failed policies and what they have done to America, KJP makes former White House press secretary Jen Psaki look like Dana Perino during 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</em>
68 Reporters Send Letter to Karine Jean-Pierre Slamming White House Over Limited Access
