"Economics 101": Energy exec debunks Biden claim on gas prices

“As far as the president’s comments, I believe the president knows better. This is a supply and demand issue, simple economics 101,” Scott Hayes, director of government relations for PBF Energy, told “America Reports” co-host Sandra Smith. “Oil companies who we buy our products from, that’s the feedstock that goes to the refinery, from which we make all the great products we do, our gasoline, diesel, kerosene, and all the building block chemicals for the everyday things that you have in your life, virtually everything you can touch is derived from fossil fuels. Oil companies trade on a globally traded commodities market. They have no control over the price.” …

“Refiners trade in a globally regulated market that is a commodities market. So we are price takers, we are not price makers,” Hayes continued. “We have no more control over — let’s use ExxonMobil. They have no more control over the price of oil than does Apple or Google have over the price of their stock. It’s economics 101, and it’s all about supply and demand.”