Trump has directed all Americans to report gas station price gouging

[mystery-ak]

https://twitter.com/EricLDaugh/status/2071563035957682274

[DefiantMassRINO]

He's really applying that MBA Degree from Wharton School of Business. 

[LMAO]

Lol

"Report your local gas station owner for making a profit"

How Chavez like of Mr Trump

[Smokin Joe]

Well, 87 octane regular is $3.51/gallon here.

(Of course, California is going to be a lot higher).

[catfish1957]

Trump doesn't know shit about the oil market and industry. 

Based on his idiotic philosphy stations should have been charging near $8.00 a gallon in most places if the first day of the war and $126/bbl would have been fully correlatable and applied to directly to pump prices.

DJT.... go. gouge yourself.

[Hoodat]

Remember how we'd get upset when Democrats did this?

[catfish1957]

Remember how we'd get upset when Democrats did this?

This just triggers me to no end.  A lot of especially Indys are lucky to make a 8 cents to a dime a per gallon, especially if there is a concentration of stations, and heavy competiton.   Many of these stations rely heavily on convenience store sales for profitability. 

Hate to tell Trump but oil folks and the states we live in have been a strong base for support.  DJT... Stop being an idiot, or continue your slide in popularity and legacy.  P.S.  Do you still understand you still have a functioning FTC?   

[Right_in_Virginia]

This just triggers me to no end.  A lot of especially Indys are lucky to make a 8 cents to a dime a per gallon, especially if there is a concentration of stations, and heavy competiton.   Many of these stations rely heavily on convenience store sales for profitability. 

I'm not sure what you're saying here @catfish1957 ---- are you saying stations with lots of competition should be given a price gouge get out of jail free card. --- not always, just during war or other crisis?

[Right_in_Virginia]

Many of these stations rely heavily on convenience store sales for profitability. 

Does that matter? 

[catfish1957]

I'm not sure what you're saying here @catfish1957 ---- are you saying stations with lots of competition should be given a price gouge get out of jail free card. --- not always, just during war or other crisis?

???  WTF?

What I am saying is:

1. owning a station subjects you to normal price competition, subject to supply and demand.
2.  We have a FTC that manages those who dare to take advantage of the public. 
3.  And shit...  can you give me one example lof a gouger, who didn't suffer the consequences?  Don't you know that this is already an industry that has seen more scrutiny that was first and since the days of JD Rockefeller
4. Oil hit $126/bbl the first day of the war, and if your extrapolate, as many simpleton complainers do.....   Gas should have instantly hit $8 a gallon the next day.    Funny I didn't hear any bitching when it didn't.
5. And guess what....  Average profit margin on a gallon of gas for a station is a tad less than 2%.  Can you name one business or industry where it is that low on a long term basis   

Sbeesh!!!!!!  Got to realize that the left has unjustly demonized the oil industry for decades.   Don't take the bait.

[catfish1957]

Does that matter?

When your primary product has a profit margin of less than 2%.  Do you routinely like getting 2% for your investments?

Convenient stores charge exorbitant prices, but unlike the necessity of a tank of gas, no one is twisting your arm for a $6 Energy Drink.

[cato potatoe]

Some oil executive should offer to clean up the Lincoln sludge pond.  We have seen them work miracles in the gulf. 

[Sighlass]

Going to say what I said with the "Bag Ice Price Gouging" ... Let the free market work... it regulates itself better than the government. If there is a run on gas or ice, let the market flow, it stops hoarders from taking everything and then those that need it can't find it.

@catfish1957 + 1 (like my vote matters, lol)

[Sighlass]

Some oil executive should offer to clean up the Lincoln sludge pond.  We have seen them work miracles in the gulf. 

What we saw was nature basically cleaning up itself... faster than greenies wanted.

[escapeefromtaxachusetts]

Speaking as the son of a gas station owner many years ago, prices may drop but if you bought a tanker load at a higher price, you can't drop the price until it runs out and you get  new supply at a lower price or you lose lot of money ( bought high and sell low). It might take a week or more depending on how often you get a tanker fill up....

[rustynail]

The Shell station here made me have to pay for fuel.  How is that not gouging?

[Right_in_Virginia]

When your primary product has a profit margin of less than 2%.  Do you routinely like getting 2% for your investments?

Convenient stores charge exorbitant prices, but unlike the necessity of a tank of gas, no one is twisting your arm for a $6 Energy Drink.

@catfish1957 ---  Wouldn't an owner's business plan take into account location and competition, predictable market fluctuations, and all sources of income before signing on the dotted line? 
 
It sounds like a tough business, but I don't understand why you make proprietors out to be victims. 

[Smokin Joe]

@catfish1957 ---  Wouldn't an owner's business plan take into account location and competition, predictable market fluctuations, and all sources of income before signing on the dotted line? 
 
It sounds like a tough business, but I don't understand why you make proprietors out to be victims. 

Spend a lifetime providing something people need, people use, at incredibly low profit margins, and being reviled for it, every step of the way.

Since oil is a globally traded commodity subject to market factors that are unpredictable, the market fluctuations are often just as unpredictable. if you want the commodity, the price will reflect those factors. The raw material price is set by bid in the trading pits, but the retailer cannot afford to provide the finished product at a loss.

It is a business, not a charity.

[Timber Rattler]

Trump orders gas stations to slash prices 'immediately' as he fumes over 'totally illegal' gouging - and warns of 'big problems' ahead if retailers refuse

https://www.dailymail.com/news/article-15940141/Trump-demands-gas-stations-cut-prices-immediately.html

President Donald Trump demanded gas stations slash prices 'immediately' on Monday and urged retailers to start targeting gasoline at around $2.50 a gallon, warning there would be 'big problems' if they failed to act.

In a fiery Truth Social post, the president insisted fuel prices no longer reflected falling crude oil costs and accused retailers of overcharging motorists despite oil dropping to around $68 a barrel.

'Gasoline Retailers must get their Prices down, IMMEDIATELY!' Trump wrote.

'They're too high considering that Oil is now at $68 a Barrel, and heading south. The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!'

Trump then warned retailers not to profit from falling oil prices at the expense of consumers.

'There will be no gauging [sic], which is totally illegal. If Retailers don't do this, big problems lie ahead!' he wrote.

The president made a direct plea for retailers to 'Start targeting around the $2.50 a Gallon number,' before turning his attention to California's fuel taxes.

The swipe marked Trump's latest attack on fuel prices as he increases pressure on the energy industry to pass on lower crude oil costs to drivers filling up at the pump.

Just last week, Trump revealed he had instructed the Department of Justice to investigate whether major oil companies were keeping gasoline prices artificially high despite a decline in crude prices.

At the time, the president accused the industry of 'gouging' motorists by failing to reduce prices quickly enough after oil markets eased.

Oil prices surged earlier this year after the United States and Israel carried out strikes on Iran, prompting retaliatory attacks by Tehran against Israel and Gulf states hosting American military bases.

EXCERPT

He sounds like a desperate Democrat...

 

[Kamaji]

Trump orders gas stations to slash prices 'immediately' as he fumes over 'totally illegal' gouging - and warns of 'big problems' ahead if retailers refuse

https://www.dailymail.com/news/article-15940141/Trump-demands-gas-stations-cut-prices-immediately.html

EXCERPT

He sounds like a desperate Democrat...

 

Yes he does. 

[Smokin Joe]

It takes from 2-4 weeks for oil to go from the wellhead to the gas pump, under ideal conditions. That's why the price drops lag. They rise more rapidly because the retailer is anticipating the increase in product cost, and paying for the next load with the one in the tanks..

[Canuck Conservative]

It takes from 2-4 weeks for oil to go from the wellhead to the gas pump, under ideal conditions. That's why the price drops lag. They rise more rapidly because the retailer is anticipating the increase in product cost, and paying for the next load with the one in the tanks..

What a great scam ...

When oil prices rise, the retailer raises his prices right away, then when oil prices fall, they get to delay dropping their prices, using the old excuse "well, we have to wait for the higher-priced oil to work its way thru the system"

Consumers get screwed each time! No wonder people effing hate oil companies!!

[Kamaji]

What a great scam ...

When oil prices rise, the retailer raises his prices right away, then when oil prices fall, they get to delay dropping their prices, using the old excuse "well, we have to wait for the higher-priced oil to work its way thru the system"

Consumers get screwed each time! No wonder people effing hate oil companies!!

Why is that a scam?

[catfish1957]

What a great scam ...

When oil prices rise, the retailer raises his prices right away, then when oil prices fall, they get to delay dropping their prices, using the old excuse "well, we have to wait for the higher-priced oil to work its way thru the system"

Consumers get screwed each time! No wonder people effing hate oil companies!!

With inherent 2% profit margin?  About what I expect from a Canadian

[Hoodat]

What a great scam ...

When oil prices rise, the retailer raises his prices right away, then when oil prices fall, they get to delay dropping their prices, using the old excuse "well, we have to wait for the higher-priced oil to work its way thru the system"

Consumers get screwed each time! No wonder people effing hate oil companies!!

You are to blame for high gas prices, not oil companies.  You are the one creating demand.  If you think gas prices are too high, then don't buy gas.

[Hoodat]

???  WTF?

What I am saying is:

1. owning a station subjects you to normal price competition, subject to supply and demand.
2.  We have a FTC that manages those who dare to take advantage of the public. 
3.  And shit...  can you give me one example lof a gouger, who didn't suffer the consequences?  Don't you know that this is already an industry that has seen more scrutiny that was first and since the days of JD Rockefeller
4. Oil hit $126/bbl the first day of the war, and if your extrapolate, as many simpleton complainers do.....   Gas should have instantly hit $8 a gallon the next day.    Funny I didn't hear any bitching when it didn't.
5. And guess what....  Average profit margin on a gallon of gas for a station is a tad less than 2%.  Can you name one business or industry where it is that low on a long term basis   

Sbeesh!!!!!!  Got to realize that the left has unjustly demonized the oil industry for decades.   Don't take the bait.

Ditto, ditto, and ditto.

First off, price gouging is legal.  But as with everything else in life, there is a trade-off.  I remember several years back when the pipeline from the gulf coast refineries to Atlanta was shut down for some reason.  As supply began to dwindle, prices rose.  (ECON-101)

But there was one station in particular that jacked their price above $5/gal (normal price was around $2 at the time).  They were gouging.  They tried to take advantage of the situation for short-term gain.  But they didn't consider the long-term consequences.  Within a couple of weeks, the pumping was restored, and gas dropped down to $2 again.  But people didn't forget about that one station.  People stopped going there.  Their business fell off considerably.  So that short-term gain did not outweigh the long-term loss of business they suffered because they tried to take advantage of their customers.

[catfish1957]

Why is that a scam?

Smart business always buys low sells high, or manage inventory to maximize profit.  Farmers do this ongoing.  Is he going to call farmers scammers too?

[Smokin Joe]

What a great scam ...

When oil prices rise, the retailer raises his prices right away, then when oil prices fall, they get to delay dropping their prices, using the old excuse "well, we have to wait for the higher-priced oil to work its way thru the system"

Consumers get screwed each time! No wonder people effing hate oil companies!!

Hate away.
Don't buy anything made from oil.
That'll show the oil companies.
Remember, the price of oil is set by buyer bid in the trading pits at commodity exchanges.
The cost of the raw materials affects the retail price of the product.
At least the product goes down in price when the costs of the raw materials do.
For the guy in the middle, selling you fuel, they are playing the short term futures market, gambling on the price of the next load of fuel. They charge enough so they can get that, considering part of the last load is already sold at what would have been a bargain price in a week, it's catch-up time to have enough to pay for the next load of fuel.

Only a fraction of that barrel of oil goes to motor fuels.
There are over 6000 products made completely or in part from petroleum.

[Right_in_Virginia]

Spend a lifetime providing something people need, people use, at incredibly low profit margins, and being reviled for it, every step of the way.

Are proprietors not permitted to choose other careers with higher profit margins with more effective PR?

Since oil is a globally traded commodity subject to market factors that are unpredictable, the market fluctuations are often just as unpredictable. if you want the commodity, the price will reflect those factors. The raw material price is set by bid in the trading pits, but the retailer cannot afford to provide the finished product at a loss.

And yet the retailer continues in this business. 

It is a business, not a charity.

Precisely.