(TheLastPatriotNews.com) – As part of a talk about inflation, President Joe Biden seemingly accused gas stations of not lowering the price being paid at the pump as quickly as the stations are receiving gas at a lower price.
In essence, Biden is accusing gas stations of gouging American consumers and making a higher profit by not lowering their prices fast enough.
He also accused the oil and gas companies of adding to inflation by making higher profits instead of passing the lower costs they are paying along to consumers.
You can watch a video clip of Biden’s remarks further down this post.
According to Biden:
“Oil and gas companies are still making record profits, billions of dollars of profit. But guess what? The price of oil will come down. Guess how long, don’t you think the price at the pump should come down? The price of a gallon of gasoline. But it takes a long time for that to happen in relative terms. And if they’re making a lot of profit, and the public is paying, then it’s part of the inflation.
“But look, my message is simple, to the companies running gas stations and setting those prices at the pump, bring down the prices you’re charging at the pump to reflect the cost you pay for the product. Do it now! Do it now! Not a month from now. Do it now. And it’s going to save people a lot of money.
“A little over a year ago, I signed an executive order to promote competition with a goal of lowering prices for consumers and raising wages of workers and encouraging them to engage in the economy. We’ve made some real progress. When companies have to compete, it’s a simple proposition; when they have to compete, they sell better products and guess what, the price goes down. It doesn’t go up when there’s competition.” [emphasis added]
Here is the video clip of Biden:
BIDEN: "My message is simple, to the companies running gas stations and setting those prices at the pump, bring down the prices you're charging at the pump to reflect the cost you pay for the product. Do it now! Do it now!" pic.twitter.com/FCXrHLmgec
— Breaking911 (@Breaking911) September 27, 2022
What is your opinion? Do you believe gas stations are intentionally gouging American consumers by not lowering the price at the pump as quickly as they receive gas at a lower cost from the distributor? Please share your thoughts and views by emailing [email protected]. Thank you.