President Biden is telling companies that gas stations should reduce their prices because this is a time of war and global peril. Biden said on Saturday that this is a time of war and global peril and that 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. You should bring down the price you are charging at the pump to reflect the cost you're paying for the product. His tweet garnered support from Chinese state media, with Chen Weihua, China Daily EU Bureau Chief, saying Biden finally realized that capitalism is all about exploitation. Biden said that gas prices are averaging at $4.822 nationwide, which is up over 20 cents from just one month ago.
He has deflected blame for the increase in gas prices to Russian President Vladimir Putin, dubbing it Putin's Price Hike, a term used repeatedly by the White House, despite his campaign promise to always take responsibility and not blame others.
This isn't the first time Biden has made a direct plea to companies running gas stations, saying in a June 22 speech that these are not normal times. Biden's plea came after a failed proposal by the Oval Office to implement a 90 day gas tax holiday, which was dismissed by even Democratic lawmakers as outlandish.
"I don't know that we have the votes," said Majority Leader Steny Hoyer, D-Md. Suspending the primary way that we pay for infrastructure projects on our roads is a shortsighted and inefficient way to provide relief, said Sen. Tom Carper, D-Del.
The proposal is short-sighted and relies on the cooperation of oil companies to pass on minuscule savings to consumers, according to Rep. Peter DeFazio, D-Ore. Gas stations make little money per gallon of gas sold. The study shows that gas stations make approximately 15 cents per gallon before expenses, and about 5 cents per gallon when expenses are factored in. They sell gas to draw customers in to purchase snacks, drinks, and other products that bring in higher profits.
The federal government taxed gas at a higher rate than the profits gas stations make at the pump, with California taxing gas at the highest rate in the nation a little over 59 cents per gallon after the state raised its tax on July 1.