Deputy Treasury Sec’y: ‘Gas Prices Should Continue Coming Down,’ Gas Station Owners Should Lower Pri

[mystery-ak]

Deputy Treasury Sec’y: ‘Gas Prices Should Continue Coming Down,’ Gas Station Owners Should Lower Prices

Ian Hanchett 8 Oct 2022

On Friday’s broadcast of MSNBC’s “Andrea Mitchell Reports,” Deputy Treasury Secretary Wally Adeyemo said that the Biden administration thinks gas prices “should continue coming down,” and there have been “historic spreads between the cost of crude oil and the cost that’s being paid at the pump. So, we’re calling on those who own those gas stations to bring down the price.”

Host Andrea Mitchell asked, “Bottom line, can you do anything to bring down gas prices between now and the election a month from now?”

Adeyemo responded, “So, Andrea, we think that gas prices should continue coming down, because we’ve seen historic spreads between the cost of crude oil and the cost that’s being paid at the pump. So, we’re calling on those who own those gas stations to bring down the price. But in addition to that, we’ve already seen that, over the course of this last month, we’ve seen a release of the SPR that has helped to keep prices lower than they were at their highs this summer. And we’re committed to taking every other action that we can to try and bring down prices over the course of the next few days, the next few months, and over the course of the next years because we know how important this is to the American people.”

https://www.breitbart.com/clips/2022/10/08/deputy-treasury-secy-gas-prices-should-continue-coming-down-gas-station-owners-should-lower-prices/

[LMAO]

Lol

We are so screwed

[Fishrrman]

Gas prices in CT had been on a downward trend until the past couple of days.

Seemed like the price jumped up 25-30 cents almost overnight.

[The_Reader_David]

Great, another Ivy League educated dolt who doesn't understand that gas stations operate on incredibly thin margins, with a lot of their profits coming from sale of non-fuel products like soda and snacks, and have essentially no control over the price they charge for gasoline because it's effectively set by their suppliers. 

Maybe the next GOP administration should tap some random small businessmen for Deputy Secretary positions in Treasury, Energy, Commerce, Labor,... (well assuming the really, really good thing doesn't happen and the last three of those get abolished).

[DB]

This is just public performance art to shift blame. And many dolts will take it as gospel. Truth has no bearing on their claims.

[Smokin Joe]

What you pay today is what the owner of the station expects to pay for the next load of gas (plus a few cents per gallon, at most). Otherwise the station would get fewer and fewer gallons of fuel as prices were rising, or be losing money.
That is the reason prices seem to go up faster than they come down.
As has been mentioned, the money to be made is made in the convenience stores, and back in the day, on vehicle servicing, tires, belts, and hoses, parts and repairs (not often seen now).

But lifelong politicians who don't know how things actually work would not understand that.

[mountaineer]

How are prices continuing to come down when they jumped 50 cents overnight a few days ago?

[Hoodat]

Why is the wife of a former Fed Chairman asking a Deputy Treasury Secretary about gas prices?  Both are obviously idiots when it comes to rudimentary questions regarding supply and demand.

The only issue relevant to either of them is the election, and how they can bullshit the American people into believing the Democrats give a damn about the American people.

Adeyemo brings up the "historic spread" between the cost of crude and the price of gas as if gas station owners pay for wholesale oil instead of wholesale gas.  And then he cites the release of oil (not gasoline) from the Strategic Petroleum Reserve as if they have actually had an effect on gas prices.  Like I said, idiots.

[LMAO]

If all of this destruction wasn’t being done intentionally, all of these people would’ve lost their jobs.

[catfish1957]

I might get slammed here as an oil company annuitant, but I wish the station owners would arbitrarily jack the cost up a quarter a gallon now till election day just to punish the dims.

Honestly, its in all our best interest in the long run.

[roamer_1]

I might get slammed here as an oil company annuitant, but I wish the station owners would arbitrarily jack the cost up a quarter a gallon now till election day just to punish the dims.

Honestly, its in all our best interest in the long run.

Now, it's been a while since I was in that game, but as I know it, a quarter a gallon would probably double their profit. 

[catfish1957]

Now, it's been a while since I was in that game, but as I know it, a quarter a gallon would probably double their profit. 

Not as much about profit, but for political retribution.

[Kamaji]

I might get slammed here as an oil company annuitant, but I wish the station owners would arbitrarily jack the cost up a quarter a gallon now till election day just to punish the dims.

Honestly, its in all our best interest in the long run.

Sounds good to me.

[GtHawk]

I have never been in the business but always understood that station owners only make pennies per gallon profit, this fortune article says after studying 30K stations the profit runs from .03 - .07 cents.
https://fortune.com/2022/08/09/energy-profit-margins-gas-stations-proof-fuel-retailers-high-gas-prices-alex-kinnier/

[roamer_1]

Not as much about profit, but for political retribution.

My point being that if the quarter was there at all, no doubt they would already be taking it for profit. The margins are so weak at the pump that often gasoline is nothing but a lost leader, bringing people in for fan belts and washer fluid... That's why the mini-mart evolved beyond the normal neighborhood store. I doubt the gas is worth the trouble, other than it brings folks in.

[berdie]

My point being that if the quarter was there at all, no doubt they would already be taking it for profit. The margins are so weak at the pump that often gasoline is nothing but a lost leader, bringing people in for fan belts and washer fluid... That's why the mini-mart evolved beyond the normal neighborhood store. I doubt the gas is worth the trouble, other than it brings folks in.

I don't think the gasoline is the money maker. I had a friend that owned a small gas station with a mini-mart.

But when self-serve became the norm, not many went in to buy chips, etc. He had to conform or go out of business. And he did.

[catfish1957]

My point being that if the quarter was there at all, no doubt they would already be taking it for profit. The margins are so weak at the pump that often gasoline is nothing but a lost leader, bringing people in for fan belts and washer fluid... That's why the mini-mart evolved beyond the normal neighborhood store. I doubt the gas is worth the trouble, other than it brings folks in.

But my point is that the  millions of people whose are in the oil industry or dependant on it need to realize that Biden and his minions have made no secret that they have declared war on the industry.  All of us need to fight tooth and nail with 10X the veracity to make the dims pay.

[DefiantMassRINO]

Dem politicians could always donate their campaign warchests, PAC money, and SuperPAC money to their constituents as gas cards.

... but, they'd rather take food out of the mouths of small, independent, business owners and their families.  How greedy and mean-spirited of them.