President Biden’s tweet on gas prices was praised by a Chinese state media official
President Biden is telling companies that are “running gas stations” to “bring down” their prices because “this is a time of war and global peril.”
“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 tweeted on Saturday. “Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.”
His tweet also garnered support from Chinese state media, with Chen Weihua, China Daily EU Bureau Chief, responding that Biden “finally realized that capitalism is all about exploitation.”
Biden’s tweet comes as gas prices are averaging at $4.822 nationwide, which is up over 20 cents from just one month ago.
He has often deflected blame for the increase in gas prices to Russian President Vladimir Putin, dubbing it the “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.”
“So, let’s be honest with one another. My message is simple. 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,” Biden said. “Bring down the price you are charging at the pump to reflect the cost you are paying for the product. Do it now. Do it today. Your customers, the American people, they need relief now.”
The plea from Biden follows a failed proposal from 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., according to E&E news.
“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.
Rep. Peter DeFazio, D-Ore., said the proposal is “short-sighted” and “relies on the cooperation of oil companies to pass on minuscule savings to consumers.”
Gas stations actually make very little money per gallon of gas sold. Studies show that gas stations make about 15 cents per gallon before expenses, and roughly 5 cents per gallon once expenses are factored in. They sell gas to draw customers in to purchase snacks, drinks, and other products that bring in higher profits.
States and the federal government tax each gallon of gas at much higher rates 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.