White House hits back at Jeff Bezos, saying it's 'not surprising' he thinks oil and gas companies

[ck4829]

White House hits back at Jeff Bezos, saying it's 'not surprising' he thinks oil and gas companies should 'reap record profits at the expense of the American people'

"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," Biden said. "Bring down the price you are charging at the pump to reflect the cost you're paying for the product. And do it now."

Bezos responded critically to the president, writing in a retweet: "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."

But White House Press Secretary Karine Jean-Pierre doubled down on Biden's statements.

"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," she wrote in a tweet.

https://news.yahoo.com/white-house-hits-back-jeff-231855141.html

A market that is failing the American consumer, indeed.

[Lovie777]

1. Groceries as well . ....

the greed of these companies are staggering and it doesn't have to be that way.

[Alice Kramden]

2. These high prices are engineered to make Pres Biden look bad

They want him to look bad - and they don't care about the American people suffering. That goes for that baby formula fiasco, too.

[3Hotdogs]

3. It's called "price gouging." I'm surprised Jeffie doesn't complain more His profits are reduced by

fuel prices.

[ck4829]

4. Exactly, he's not selling crude

I mean, there is this. A 55 gallon drum of lube.

https://www.amazon.com/Turn-Personal-Lubricant-Balanced-Hypoallergenic/dp/B08MJPMGWS/ref=sr_1_2?keywords=55+gallon+drum+of+lube+sex&qid=1656936544&sprefix=55+gallon+drum+of+%2Caps%2C82&sr=8-2

But you can't run those smile trucks on lube.

[Ferrets are Cool]

5. 7040 fl oz

[2naSalit]

6. He probably has...

Some sweetheart deal with some oil company or another where he gets a massive discount with his bulk buys.

[videohead5]

7. In 2008

Last edited Mon Jul 4, 2022, 01:36 PM - Edit history (1)

A barrel of oil reached over $147.00. A gallon of gas never even came close to $5.00.

[Rebl2]

15. Exactly

Definitely gouging happening.

[Lucky Luciano]

22. It never reached 190. I think 140 was the highest for very brief moments.

[videohead5]

29. According to what I read

It got to $189.00 a barrel in 2008. In 2014 it was around $140.00 a barrel.

[videohead5]

30. Sorry

Evidently what I read was wrong. A barrel of oil in 2008 reached $147.

[William Seger]

8. Well, yes, price gouging is a "basic market dynamic" in unregulated markets

... which is fine with the Greed is Good folks.

[multigraincracker]

9. About those markets..,

Adam Smith, the author of Wealth of Nations and the father of Capitalism, said the market must be regulated to prevent monopolies. I’m going with that.

[oldsoftie]

10. Not even 1% of gas stations are owned by the oil companies.

gas stations have a small profit margin on gas too.
If you want to bring prices down you're going to have to convince the world that there is more oil on the market today than yesterday. And that there will be more tomorrow than today. And you're going to have to find some way to get US companies to increase production because their investors are pressuring them NOT to do it.
Don't even think about trying to do "price controls". Been tried & it doesnt work

[ck4829]

11. Sounds like we should just nationalize oil production then

[area51]

17. +1, along with nationalizing healthcare. n/t

[oldsoftie]

20. Yeah, thats worked really great for Venezuela; along with all their other industries.

Everything falling apart.

[DiamondShark]

34. Works fine for Russia. n/t

[oldsoftie]

37. If you hold up Russia as an example of what TO do, you've already lost the argument.

Millions of people are trying to move TO Russia? Oh wait; they're being kidnapped from UKR and forced there. But Putin will get reelected!

[DiamondShark]

38. Russia is still making money off of oil and gas...

even though there are multiple countries with sanctions against them.

Why again should we not nationalize oil, gas, and coal?

[oldsoftie]

39. Russia makes money because of China & India. You want to be like them too?

If you think the Russian economy & energy model is superior to ours, I cannot help you. Iran has cheap gas too.

[DiamondShark]

41. So we should buy our gas from Iran?

Why again should we not nationalize oil, gas, and coal?

[oldsoftie]

42. Because it doesnt fucking work! why is that so hard to grasp? Iran?

Since the "revolution" Iran hasn't produced as much oil as it did in the 70s. The industry fell apart when nationalized. They now produce about 1/3 what they did back then. Just like it collapsed in VZ after Chavez came along. They haven't produced anywhere NEAR what they used to before Chavez. They're currently producing less than FIFTY years ago.

[DiamondShark]

43. Yeah, I don't know why you brought up Iran and Venezuela.

A little bit of research into the reasons for Iran, Venezuela, and Russia failure all lead back to sanctions from USA, the west, and Europe. I don't think we would have any issues with sanctions from ourselves as they did.

[The Jungle 1]

12. It is price fixing pure and simple.

All the gas prices in my local area are within pennies of each other.
That is not free enterprise!

[oldsoftie]

23. Not where I am. I can get, today, 3.85 & 4 miles away 4.39.

And across the street from the 3.85, its 4.10. And people are buying from that guy. I never can understand that.

[KPN]

27. What? Every place within 10 miles of me is 5.55 to 5.65.

[oldsoftie]

31. I'm in Ga. And actually about an hour ago I filled up @Circle K for 3.73

Thats a chain; national I think.
But like I said, you don't have to go far & pay .50 or more higher.
Plus we have a "gas tax holiday" until Sep I believe

[IronLionZion]

13. Shrodinger's conservatives want government to leave businesses alone

but also interfere to lower prices.

Not sure what billionaire Bezos wants the government to do here. Oil companies have decided to not invest in bringing shuttered refineries back online because they can still reap tremendous profits. They have plenty to gain by keeping the status quo knowing voters will blame the president.

[KPN]

14. What is Jeff Bezos doing to encounter inflation?

Gee, a $2 (15.4%) price increase for Amazon Prime a month or so ago. All the better to increase his $6+billion personal income and profit per month in 2021?

[ck4829]

16. That's a good question

[oldsoftie]

21. There are MANY reasons I never use Amazon. But I'm one of few.

unfortunately many people will yell to the heavens about Bezos & his lack of tax payments but they'll keep getting boxes every day from him

[DBoon]

25. 95% of what Amazon has can be bought elsewhere

I use Amazon to review a product category, then buy from the original manufacturer where possible

[KPN]

26. How often is that possible? I live in a remote, rural area with relatively

few source opportunities. I can get cedar shakes direct and buy fish off boats, but that’s about it.

[DBoon]

28. You find another online store and use them instead of Amazon

For books, I go to the publisher.

If the manufacturer does not sell direct to the customer online, Walmart or Target usually works.

[oldsoftie]

33. Being remote, there will be times you just can't help it. Understandable.

Its like gas; if there's only one station anywhere near you, you pretty much HAVE to buy from them.
But it irritates me to see everyone in "the city" getting those amazon boxes almost every day!

[oldsoftie]

32. Yes! I will use them as a "search engine" so to speak.

They do seem to do a better job of pulling up suppliers than Google.
I have even called companies when they don't have their own website listed & asked if I can buy direct.

[LisaM]

35. I have never spent money on Amazon.

Unfortunately, I have some Amazon gift cards people have given me (work, my apartment complex). It's not worth arguing about, though I am resentful that they assume everyone has an Amazon account.

I am spending the gift cards since the money is already in Amazon's pocket, but I try to use it for things (out of print used books, for example) that wouldn't make money for another business. I definitely don't subscribe to their streaming service and I never pay the extra shipping costs. I have had almost zero luck convincing people not to shop through them.

[oldsoftie]

36. Same here. They're addicted. Then they'll bitch about empty stores & stuff from China.

[Bluethroughu]

18. Nationalize the oil...these billionaires think the rest of us are stupid,

Not everyone is a dumb trump supporter.

[jaxexpat]

19. This is all about the fossil fuel PTB.

They're topping off their war chests ahead of their monopolization of every scrap of renewable energy. They're going to finance and own the profits of the switch to renewables leaving gasoline/diesel powered vehicle dependency on the scrap heap along with those still invested in fair/free market philosophies. But they're not going to permit the transfer until it's ripe for their acquisition. It's their tolerance for patience and our tolerance for delay which remains the question which I don't think they have the predisposition to deal with well.

Tesla is the Hudson of our times just as N. Tesla was the Hudson of his own times. We are still the impotent and clueless consumers we've always been.

[DBoon]

24. Businesses make money by breaking markets

What Bezos did with Amazon is a good example.

Free market economics is a fairy tale