Posted on 09/28/2022 11:55:11 AM PDT by ChicagoConservative27
President Joe Biden warned American oil companies on Wednesday not to raise prices on gasoline, in anticipation of Hurricane Ian hitting Florida.
“Do not. Let me repeat. Do not. Do not use this as an excuse to raise gasoline prices or gouge the American people,” Biden said sternly during an event in Washington, DC.
Biden said the price of oil “remained relatively low” and there was no reason for prices to go up, even though oil companies have evacuated offshore oil and natural gas fields in the Gulf of Mexico in anticipation of the storm.
The storm is expected to shut down eleven percent of oil production in the Gulf of Mexico, according to reports, prompting the price of oil to rise on Wednesday.
(Excerpt) Read more at breitbart.com ...
It’s called supply and demand. If Demand remains the same, but supply is limited due to the hurricane, prices will increase your potato.
Refinery problems on West Coast
Newsome and the Dems are doing much the same thing...banning the sale of non-electric vehicles in CA...I call them fascists. No semi about it despite what the moron in chief thinks.
A reduction in supply, and an increase in demand, causes prices to rise. Shutting down refineries, even with a plentiful supply of unprocessed crude oil, will make prices rise if demand is not at the same time reduced.
There is a point in the market where the sale of the product meets the purchase of the product, which sets the price. This is not an arbitrary point, but is subject to shift at any time, again as pressures from demand, and limitations of supplies.
Otherwise commerce does not proceed.
Joe is the one gouging us ...
It is $6.63 per gallon for me on the left coast (CA). Jumped 20 cents overnight. Doubt the hurricane did it. Maybe Nordstream did it.
the FJB doesn’t understand the business model of a lemonade stand...
Don’t raise gas prices but he’ll have no problem raising your taxes FJB
Does the demented one even know what a gas station is?
And our prices at one station jumped 16 cents overnight.
Oil companies do not own or operate stations and haven’t for decades. The stations are dependent on their distributors , if they can’t get gasoline then prices go up.
Biden and his people just don’t seem to understand the Oil Patch and never will.
I guess he can send it his Gestapo to enforce his dictums.
Central Florida regular gas is $3.33 at lowest priced station RaceTrac with a $.14 discount if you use a GasBuddy card.
Just a demented old man yelling at reality not to be real.
But who is to say he is wrong? The media just intimidates the companies into compliance and the individual service station owner gets a visit form the new Stasi.
Like King Canute ordering the ocean not to rise.
L
My wife asked me if Biden understands the economics of gas stations. I just laughed.
I believe you have todays winner
I don't know about that. Biden makes a fairly steady 10% on the deals he is involved in.
Or what will he do?
We are not into the winter fuel change and often gas prices go down after a holiday weekend.
So what caused the 50 cent increase/gal in many parts of California?
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