Jeff Bezos criticized President Joe Biden for calling on companies running gasoline stations to lower their prices. Here’s the full story.
Biden asks companies running gas stations to slash rates
On Saturday, President Joe Biden took to Twitter to say that “this is a time of war and global peril,” calling on companies to reduce gas prices. The prices have soared to around $5 per gallon in several parts of the US.
“Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now,” stated the president.
Gasoline prices have been soaring since early June. The rise is unprecedented in car-crazy nations such as the US.
Bezos soon after wrote on Twitter: “Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics.”
The billionaire has locked horns with the Biden administration previously. In May, he accused Biden of misleading the people. He also blamed the administration for inflation spiking.
“The president is working very, very hard across many fronts… to try to bring that price down,” stated John Kirby. Kirby is the White House spokesman on National Security issues.
White House replies to Bezos’ criticism:
Later on Sunday, Karine Jean-Pierre rejected the Amazon founder’s criticism, arguing that oil prices dropped by $15 per barrel in the past month. However, the prices at gas stations “barely” show any difference. Jean-Pierre is the White House Press secretary.
“But prices at the pump have barely come down. That’s not ‘basic market dynamics.’ It’s a market that is failing the American consumer,” she explained. “But I guess it’s not surprising that you think oil and gas companies using market power to reap record profits at the expense of the American people is the way our economy is supposed to work,” tweeted Jean-Pierre.