The Sconi

The Wall Street Journal Editorial Board is blasting President Joe Biden over his July 2 tweet ordering companies that own gas stations to lower runaway gas prices.

The tweet said: "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."

"It’s embarrassing for the leader of the free world to sound like he’s channeling Hugo Chavez," the WSJ Editorial Board said in response to Biden’s tweet.

According to WSJ, the president’s words spoke volumes in displaying how disconnected he is from voters when it comes to having a grasp of the issues that are most important to many of them. They said the tweet "betrayed a willful ignorance about the private economy" because large oil refiners "own fewer than 5% of all gas stations in America."

In addition, more than three out of every five single stores are reportedly operated by individual families, with the remainder being independently owned and operated by outlets or grocery stores selling fuel. WSJ says most gas stations make only a few cents a gallon in profit and are only able to stay afloat based on the income they earn selling food and cigarettes in the gas station convenience stores.

With customers making fewer stops and purchasing less gas due to higher pump prices, the National Association of Convenience Stores reports that more of its members are now struggling to stay in business, adding that if retailers were to sell fuel at cost, most of them would likely be forced to shutter their doors.

With profit margins on the slim side for many years, a growing number of refiners have abandoned the retail business over the last two decades. The Energy Information Administration (EIA) asserts that distribution and marketing made up approximately 5% of the price of gasoline in May, or about 22 cents per gallon. This reportedly covers the cost of freight, labor, utilities, real estate and credit card fees.

The runaway gas pump prices are showing few signs of slowing. WSJ points out that Biden has been down this road before, saying he has repeatedly "accused oil and gas companies of price gouging and demanded that they increase production, even while his administration threatens to put them out of business. Mr. Biden continues to be ignorant about the fact that businesses make long-term decisions based on demand expectations and policy signals."

In Wisconsin, as of July 6, average gas prices stood at $4.58 per gallon, according to AAA, leaving the average American family in Wisconsin now spending $967 more per year on gasoline, compared to last year, based on data supplied by the Gas Misery Index.