Intelligent Reply from the US Oil & Gas Association

On July 2, president Joe Biden tweeted one of the brilliant statements the last few US presidents have got the world used to (although I fear that, in this case, nearly the whole world probably agrees with a tough-talking ruler):

“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.”

The US Oil & Gas Association tweeted a reply yesterday. We might have expected the usual empty PR of businessmen scared of government bullies and ignorant of the ways of the (free) world. But this reply, or part of it, was rather intelligent:

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…

Ignore the first sentence. What exactly are private oil and gas producers working on? Figuring out what their marching orders are and how to obey, instead of charging as much as their competitors charge just as consumers will pay as little as they can? Making Biden believe that he is to American private oil and gas suppliers what Nicolás Maduro is to state oil company PDVSA?

But the second sentence is worth repeating as it seems to emphasize with humor what are the principles of economics in a free-enterprise country:

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…