'Economically illiterate': Bezos and others bash Biden for blaming gas stations for high gas prices, Chinese state media applauds the president



President Joe Biden was taken to task over a recent tweet where he blamed gas stations for sky-high fuel prices. While Amazon founder Jeff Bezos was critical of President Biden's latest scapegoat for record gas prices, Chinese state media applauded Biden for realizing "that capitalism is all about exploitation."

President Biden demands gas companies lower prices

Less than two weeks ago, President Biden demanded oil companies lower their gas prices.

"To the companies running gas stations and setting those prices at the pump, this is a time of war, global peril, Ukraine. These are not normal times. Bring down the price you are charging at the pump. Do it now," Biden commanded.

\u201cBiden: "To the companies running gas stations and setting those prices at the pump, this is a time of war, global peril, Ukraine. These are not normal times. Bring down the price you are charging at the pump. Do it now."\u201d
— Greg Price (@Greg Price) 1655921679

President Biden doubled down on his directive for gas companies to lower prices with a tweet on Saturday.

"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," the tweet 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."

\u201cMy message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril. \n\nBring down the price you are charging at the pump to reflect the cost you\u2019re paying for the product. And do it now.\u201d
— President Biden (@President Biden) 1656777600

Gas industry experts tell a different story

According to the National Association of Convenience Stores, "Only about 0.1% of the fueling outlets in the country are owned by a major oil company." NACS stated that 62% of U.S. gas stations are owned by an individual or family who only operates a single retail gas location.

NACS also noted that gas stations make a "10- to 15-cent profit" on a gallon of gas.

NBC News reported, "Station owners make most of their profits in their stores, on sales of food and drinks, as well as alcohol where sales are legal."

Twitter Reactions to President Biden blaming gas stations

Commentators quickly called out the president for not taking responsibility for record gas prices while assigning guilt to gas stations, Vladimir Putin, former President Donald Trump, and the COVID pandemic.

Congressional candidate Robby Starbuck:

\u201c@POTUS This is you Joe. \u2b07\ufe0f\u2b07\ufe0f\u2b07\ufe0f\u201d
— President Biden (@President Biden) 1656777600

Entrepreneur Patrick Bet-David: "First the White House blamed Trump. Then COVID. Then Putin. Then Oil companies. Now gas station owners. What’s next, blaming car owners for driving too much?"

Sen. Ted Cruz (R-Texas): "My message to the guy running your teleprompter: It’s YOUR fault. Reverse the dozens of executive orders, regulations & agency actions targeting American energy, and gas prices will fall…FAST."

Journalist Erielle Davidson: "The market sets the price at the pump, not the gas stations. How are you this economically illiterate. How."

"Fox & Friends" host Brian Kilmeade: "Maybe if u met with the oil executives last week instead of the Wind theorists u would know they are not at fault, your policies are- and here’s the best news, you can still change them & help the country."

Novelist Walter Kirn: "I grew up working in gas stations. They aren’t predatory money machines. Can’t afford to be due to intense competition, because there’s usually another one just down the block — whose prices are posted on a big sign for all to see. What silly amateur condescending bulls**t."

Former FCC Chairman Ajit Pai:

\u201cYesterday / today\u201d
— Ajit Pai (@Ajit Pai) 1656785984

Jeff Bezos slams the Biden administration

Bezos – the owner of the Washington Post – denigrated the Biden administration for pointing the finger at energy companies for high gas prices.

"Ouch. Inflation is far too important a problem for the White House to keep making statements like this," Bezos wrote on Twitter. "It's either straight ahead misdirection or a deep misunderstanding of basic market dynamics."

\u201cOuch. Inflation is far too important a problem for the White House to keep making statements like this. It\u2019s either straight ahead misdirection or a deep misunderstanding of basic market dynamics.\u201d
— Jeff Bezos (@Jeff Bezos) 1656812537

Commentators note that Bezos has 'buyer's remorse'

Former NSA contractor Edward Snowden simply said, "Buyer's remorse."

Former acting Director of National Intelligence Richard Grenell bashed Bezos, "Tell this to your own newsroom! YOU are part of the problem. Republicans should never help you….or your work ways."

Columnist Derek Hunter also mocked Bezos, "You should try reading the Washington Post, Jeff. There isn't anyone there who understands or respects how markets work either. Know anyone who could change that?"

Actor Rob Schneider: "When you lose liberal billionaire/Washington Post owner Jeff Bezos, you have lost the ideological war. If the Biden administration is out of touch with Billionaires, imagine how the average American worker feels…"

Biden garners support from Chinese state media

Chen Weihua – EU bureau chief of the state-owned China Daily newspaper – wrote on Twitter, "Now US President finally realized that capitalism is all about exploitation. He didn't believe this before."

\u201c@POTUS Now US President finally realized that capitalism is all about exploitation. He didn\u2019t believe this before.\u201d
— President Biden (@President Biden) 1656777600

Biden previous said record gas prices were part of an 'incredible transition'

In May, President Biden proclaimed that record-high gas prices are part of an "incredible transition" that will make America less dependent on fossil fuels.

“When it comes to the gas prices, we’re going through an incredible transition that is taking place that, God willing, when it’s over, we’ll be stronger and the world will be stronger and less reliant on fossil fuels when this is over,” Biden declared during a joint press conference with Japan Prime Minister Fumio Kishida in Tokyo.

Food and fuel prices likely to remain high for the foreseeable future



The high grocery bills that have hit American pocketbooks for over a year now are likely to continue, thanks to several anomalous circumstances related to corn yields, experts say.

Due to wet weather, the war in Ukraine, and issues still lingering from the pandemic and the government shutdown, corn will be grown and harvested at much lower levels than in previous years, affecting food and fuel supplies alike.

According to Reuters, unusual weather patterns in the northern plains and southern Canada have delayed planting routines and forced farmers to plant under less than ideal conditions that may lead to smaller crops.

"Overly wet conditions in North Dakota have led to one of the slowest starts to planting on record," Karen Braun of Reuters claimed in late May.

"We were pushing the envelope, working ground that was way too wet, just trying to get a crop in," Eric Broten, a North Dakotan farmer, said

As a result, the U.S. Department of Agriculture recently lowered its projections for corn this year from 181 bushels per acre to 177, and Reuters says that cut the U.S. harvest potential by over 9 million ton — almost half of China's U.S. imports last year.

The continued war in Ukraine has also greatly affected corn output. In recent years, Ukraine had produced as much as 17% of the world's corn, but difficulties in harvesting and shipping as a result of Russian aggression make a similar yield in 2022 unlikely.

Domestic shipping also continues to be a problem. Disruptions to supply lines from 2020 have still not been entirely resolved, and lower corn production has limited fuel availability and caused gas prices to rise.

According to Corteva, an agriscience company, the ethanol produced by corn composes 10% of the American automotive fuel supply. Some of that fuel is also used in agricultural equipment, meaning that some of the corn produced by American farmers is then used to grow and produce more corn.

Corn is also used to feed some livestock, putting additional pressure on corn supplies and yields.

President Biden has attempted to address the issue of reduced corn levels by alleviating some federal planting restrictions and implementing policies that would encourage farmers to plant. However, the USDA still predicts a tough road ahead for corn farmers, drivers and businesses reliant on corn and ethanol, as well as consumers: "U.S. corn exports are forecast to decline 4.0 percent in 2022/23 as lower supplies and robust domestic demand limit prospects."

Russian oil revenues up 50% as Western sanctions on oil exports prove ineffective



Russian oil revenues have risen by 50% since the beginning of the year despite Western nations attempting to isolate and weaken the Russian economy.

The Epoch Times reported that a new report released by the International Energy Agency (IEA) revealed that the Russian Federation had earned about $20 billion each month in 2022. Russian oil producers sold roughly eight million barrels of oil per day.

Russian oil companies were able to achieve this feat largely because Western nations were unable to come to a consensus on isolating Russia’s oil industry in response to Russian President Vladimir Putin’s invasion of Ukraine.

While the U.S. sanctioned Russian oil in early March, the European Union (EU) and its member states were unable to reach a unanimous agreement to ban the import of Russian oil by member nations. About two-thirds of the oil imported by EU member states comes from Russia, so the continued import of this oil, despite thorough sanctions on other sectors of the Russian economy, continues to provide Russia with a vital lifeline.

The European bloc continues to be the largest consumer of Russian oil. Despite the EU member nations presenting themselves as united in diplomatic and economic opposition to the Russian regime, they account for roughly 43% of all Russian oil exported in April.

Last March, economist Elana Ribakova suggested there might be a latent paradox that could arise should Western nations move to sanction Russian oil. Ribakova indicated that, in theory, imposing sanctions on Russia, which is one of the world’s leading exporters of natural gas and petroleum, would cause a scarcity of oil-based resources, causing prices to rise. These rising prices would in turn present Russia with an opportunity to collect higher revenues through exporting the products to countries not sanctioning the industry, thus rendering any sanctioning regime’s attempts counterproductive.

In early March Ribakova said, “10$ on oil price gives Russia [about] $20 [billion] of current account inflows per year. With imports collapsing[,] Russia’s 2022 current account could exceed $200 billion. Despite ~40% of $640 [billion] [Bank of Russia] reserves arrested, Russia could rebuild buffers from the current account surplus.”

10$ on oil price gives Russia ~ $20 bn of current account inflows per year. With imports collapsing Russia's 2022 current account could exceed $200 bn.\n\nDespite ~ 40% of $640 bn @bank_of_russia reserves arrested, Russia could rebuild buffers from the current account surplus.pic.twitter.com/z1gXkRGCby
— Elina Ribakova \ud83c\uddfa\ud83c\udde6 (@Elina Ribakova \ud83c\uddfa\ud83c\udde6) 1646609528

Countries like China and India have not shied away from purchasing Russian fuel since the Ukraine invasion commenced, and with some EU member states continuing to import Russian oil, Russia will likely survive any current and future sanction packages that don’t affect its ability to export oil.

Illinois Democrats require gas stations to advertise that they froze the gas tax, saving drivers pennies



Democrats in Illinois are very proud of their decision to delay an increase of the state's gas tax, which at 40 cents per gallon is already among the highest in the nation. They are so proud of this action, in fact, that the recently passed bill freezing the fuel tax requires gas stations to advertise what the legislature has done.

On Saturday, the state legislature passed a new state budget that includes a temporary freeze of the state gas tax, which was requested by Democratic Gov. J.B. Pritzker. Illinois drivers already pay more than 40 cents per gallon in taxes, according to federal data. The governor claimed that by preventing the tax from rising with inflation, he would save Illinoisans a combined $135 million.

Critics blasted the plan as an election-year stunt that would only save drivers an estimated 2.2 cents per gallon, noting that in 2019 Pritzker doubled the gas tax and that inflation has caused prices at the pump to surge more than $1 per gallon over the last year.

Even so, the legislature passed the gas tax freeze, and they want everyone to know it. The legislation requires that retailers post advertisements that read, “As of July 1, 2022, the State of Illinois has suspended the inflation adjustment to the motor fuel tax through December 31, 2022. The price on this pump should reflect the suspension of the tax increase.”

The new state budget also includes a temporary suspension of the 1% tax on groceries for the year, a fact which supermarkets must advertise as well.

“From July 1, 2022 through July 1, 2023, the State of Illinois sales tax on groceries is 0%,” the bill requires grocery stores to post.

The notices are required to be printed "in bold print on a sign that is no smaller than 4 inches by 8 inches." The sign must also be "clearly visible to customers."

There are penalties for failing to comply with these mandates. If signs are not posted within 14 days of the bill becoming law, retailers may be fined up to $500 for each day they do not comply.

Josh Sharp, CEO of the Illinois Fuel and Retail Association, blasted the legislature when these requirements were added as an amendment to the budget bill and threatened a lawsuit.

“This industry won’t be forced into offering free election year advertising for the Governor. Ordering businesses to take part in speech that is compelled by the government under the threat of fines and criminal penalties is unwise and unconstitutional,” Sharp said.

Republican state Rep. Mark Batinick mocked Democrats in an interview with the Federalist, noting that neighboring states have suspended their gas taxes entirely to provide drivers with relief from inflation.

“It’s like 50-60 cents cheaper in the states around us and they want to advertise that it could have been 52.2 cents,” Batinick said. “I’m amazed that they want to pat themselves on the back for a 2.2 cents stoppage of a tax increase.”

Buckle up: 'Get ready for $6 a gallon' gas, says former US diplomat to the Middle East



Moms filling up their minivans today are experiencing some serious sticker shock.

Contractors working on a job site with any distance at all from the home office are going to eat some serious travel expenses if they didn't build updated gas and travel costs into their bids.

Drivers and truckers delivering goods to grocery stores, grains to ports, or timber to plants are paying through the nose for diesel to ship what Americans need and want (and they aren't just going to eat the massive spike in fuel prices).

But the news gets worse: If you thought gas was expensive already, just wait. One expert with experience in the Middle East is warning Americans to get ready for $6 per gallon.

David Rundell, a onetime U.S. diplomat in oil-producing nations, told Fortune that the Russian-Ukraine conflict, coupled with our deteriorating relations with Saudi Arabia, spells doom for U.S. consumers' pocketbooks at the pump.

Rundell, who spent three decades as a U.S. diplomat in such oil-producing countries as Saudi Arabia, Syria, the United Arab Emirates, Bahrain, and Tunisia, told the magazine that the U.S. put itself behind the eight ball when it comes to negotiating to get the House of Saud to get more oil flowing.

"Russia and Saudi Arabia are the world’s two largest oil exporters. If we had good relations with Saudi Arabia, they would have stepped in to help as they have done many times in the past,” Rundell told Fortune.

The former diplomat, who is now a partner at Arabia Analytica, a consulting firm focused on the Middle East, added that "our relationship with Saudi leaders continues to worsen. So, get ready for $6 a gallon."

Rundell issued his warning as Americans saw gas prices hit an all-time high of $4.17 on Tuesday, the outlet said. The price is 11 cents per gallon more than it was the day before and 55 cents higher than just a week ago.

His warning also came before President Joe Biden announced Tuesday that the U.S. would bar imports of Russian oil and gas.

During his announcement, Biden told the nation that gas prices are "going to go up further."

Dozens of Democratic climate warriors, whose policies drive up energy costs, beg regulators to get gas and electricity prices under control



Remember the feds' warning to Americans in the fall that heating bills could jump greatly this winter — by as much as 54%? Well, as the country has seen cold temperatures and serious snowfall over the last couple of weeks, liberal lawmakers are taking notice and demanding that something be done.

The Wall Street Journal on Monday highlighted a letter in which 41 Democrat members of Congress — all of whom have repeatedly supported and advocated for onerous climate change policies that have a proven history of hiking energy prices — begged federal regulators at the Federal Energy Regulatory Commission to use their "power to influence retail rates for natural gas and electricity."

As the Journal noted, these Democrats certainly have "chutzpah."

These same left-wingers' party and political allies have repeatedly forced energy prices higher and have even said they want to make using fossil fuels more expensive — you know, to cut down on emissions. It was their standard-bearer, President Barack Obama, who admitted that his policies would force electricity prices to "necessarily skyrocket."

In fact, as Bjørn Lomborg recently pointed out for the Journal, the left's "net zero" emissions dream is largely ineffectual when it comes to the climate but will cost "many trillions," as the soaring prices we see today are "only the beginning."

Energy prices are soaring, and it’s likely a sign of things to come. The rise can be blamed on a variety of things, including the demand rebound after the lockdowns ended, a drop in renewable electricity output from a lack of wind in Europe during most of 2021, and increasingly costly climate policies. But while the pandemic will end and the wind will blow again, climate policies to achieve “net zero” emissions will keep hiking prices.

Barack Obama acknowledged in 2008 that electricity prices “would necessarily skyrocket” under his proposed climate policies. He was more candid than many of today’s politicians and advocates. Limiting the use of fossil fuels requires making them more expensive and pushing people toward green alternatives that remain pricier and less efficient.

And Lomborg predicts things will continue to escalate:

Costs will continue to rise if politicians remain bent on achieving net-zero emissions globally. Bank of America finds that achieving net zero globally by 2050 will cost $150 trillion over 30 years—almost twice the combined annual gross domestic product of every country on earth. The annual cost ($5 trillion) is more than all the world’s governments and households spend every year on education. Academic studies find the policy is even costlier. The largest database on climate scenarios shows that keeping temperature rises to 2 degrees Celsius—a less stringent policy than net zero by midcentury—would likely cost $8.3 trillion, or 3.3% of world GDP, every year by 2050, and the costs keep escalating so that by the end of the century taxpayers will have paid about $1 quadrillion—a thousand trillion—in total.

These estimates are based on the heroic assumption that climate policy costs will be spread efficiently, with big emitters China and India cutting the most. New Delhi says it will only keep moving toward net zero if the rest of the world pays it $1 trillion by 2030, which won’t happen.

The predictions only get worse. Read the whole article here.

Naturally, President Biden and his fellow climate fearmongers deny their policies have anything to do with rising energy prices. They, of course, claim energy companies are somehow manipulating the market.

The Democrat letter-writers claimed, "There are many overlapping factors leading to this rise in energy prices, including profiteering from oil and gas companies and high oil and gas exports."

As the Journal pointed out, the lawmakers should read the document from the U.S. Energy Information Administration that their letter cited.

The high prices follow changes to energy supply and demand patterns in response to the COVID-19 pandemic. We expect that households across the United States will spend more on energy this winter compared with the past several winters because of these higher energy prices and because we assume a slightly colder winter than last year in much of the United States.

Even when we vary weather expectations, we expect the increase in energy prices as the United States returns to economic growth to mean higher residential energy bills this winter:

● We expect that the nearly half of U.S. households that heat primarily with natural gas will spend 30% more than they spent last winter on average—50% more if the winter is 10% colder-than-average and 22% more if the winter is 10% warmer-than-average.
● We expect the 41% of U.S. households that heat primarily with electricity will spend 6% more—15% more in a colder winter and 4% more in a warmer winter.
● The 5% of U.S. households that heat primarily with propane will spend 54% more—94% more in a colder winter and 29% more in a warmer winter.
● The 4% of U.S. households that heat primarily with heating oil will spend 43% more—59% more in a colder winter and 30% more in a warmer winter. [...]

Nearly half of all U.S. households heat primarily with natural gas. We expect households that use natural gas as their primary space heating fuel will spend $746 this winter, 30% more than they spent last winter. This increase in natural gas expenditures comes from both higher expected prices and higher expected consumption.

Americans' bills will be higher because of higher prices and increased demand, which has outpaced the increase in production. It's the president and his fellow climate change warriors who have pushed polices aimed at phasing out the domestic production of fossil fuels and driving up prices.

Biden Admin's Clueless Tweet About Food Prices Backfires Spectacularly | DM CLIPS | Rubin Report

Biden Admin's Clueless Tweet About Food Prices Backfires Spectacularly | DM CLIPS | Rubin Report