Trade body the US Oil and Gas Association (USOGA) has jibed back at Joe Biden after he went after “the companies running gas stations”.
The US President posted a Tweet ordering fuel suppliers to “bring down the price you are charging at the pump to reflect the cost you’re paying for the product”.
“And do it now,” he added.
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.
Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.
— President Biden (@POTUS) July 2, 2022
Mr Biden also accused suppliers of greed during a time of “war and global peril”.
His Tweet received a great deal of support, including from Hollywood star Mark Ruffalo, who said: “War profiteering. The dark underside of Political Capitalism; when an economic system becomes a system of government.”
War profiteering. The dark underside of Political Capitalism; when an economic system becomes a system of government. Look it up. Want to end the division of our country? Go after the wealth gap. https://t.co/hIDwopX57U
— Mark Ruffalo (@MarkRuffalo) July 4, 2022
But the USOGA, which represents the Gulf of Mexico oil and gas industry, was less than impressed.
Working on it Mr. President. In the meantime – have a Happy 4th and please make sure the WH intern who posted this tweet registers for Econ 101 for the fall semester… https://t.co/6yLpbDDRKc
— US Oil & Gas Association (@US_OGA) July 3, 2022
It responded: “Working on it Mr. President. In the meantime – have a Happy 4th and please make sure the WH intern who posted this tweet registers for Econ 101 for the fall semester…”
US senator for Kentucky and one time presidential hopeful, Rand Paul, also challenged the President, and called for an increase to domestic oil and gas production.
I don’t remember an official Declaration of War being passed by congress. But I guess that hasn’t mattered to the bipartisan foreign policy swamp for decades. We have to increase US oil production and stop hurting our country. https://t.co/klmeEWgYbZ
— Rand Paul (@RandPaul) July 3, 2022
He said: “I don’t remember an official Declaration of War being passed by congress. But I guess that hasn’t mattered to the bipartisan foreign policy swamp for decades. We have to increase US oil production and stop hurting our country.”
Amazon founder, Jeff Bezos weighed in on the debate too, adding: “Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics.”
Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics. https://t.co/XgKfEICZpk
— Jeff Bezos (@JeffBezos) July 3, 2022
Global oil and gas supplies have been hit hard by Russia’s invasion of Ukraine and the subsequent economic sanctions imposed against the Kremlin.
At the same time, demand for hydrocarbons has increased in recent months as countries continue to emerge from Covid-19.
As a result, oil and gas prices have hit highs not seen for years, fuelling global inflation and hitting many people in their pockets.