Jeff Bezos has been arguing with the White House about high gas prices. The second-richest person in the world is opposing a tweet by President Joe Biden, which called for fuel companies to reduce prices.
Bezos criticized a tweet by Mr. Biden on July 2, which stated that “the companies running gasoline stations and setting prices at pumps” should “[b]ring down their price at the pump to reflect what you’re paying for this product.” Do it immediately.
Biden’s message was responded to by Bezos, founder of Amazon.com.
“Ouch. Bezos tweeted, “Ouch. “It’s either misdirection straight ahead or a profound misunderstood of basic market dynamics.”
Ouch. This is too serious a problem for White House to continue making such statements. Either it’s straight forward misdirection, or it’s a profound misunderstanding of basic market dynamics. https://t.co/XgKfEICZpk
AAA reports that gas prices averaged $4.80 per gallon on Monday. This is 53% more than the same time last year. Experts believe that the rise in gas prices is due to a variety of economic and political factors, including a spike in fuel demand as Americans drive again, to Russia’s war on Ukraine.
The White House responded to Bezos’ criticism with Karine Jean-Pierre, White House Press Secretary, pointing out the gap between oil prices as well as the price of gasoline at the pump.
“Oil prices dropped by $15 over the last month, but pump prices have barely fallen,” she wrote. She tweeted that this is not “basic market dynamics”. It’s a market that is failing America’s consumer.
She said, “But it’s not surprising that oil and gas companies using their market power to reap record profits at American taxpayers is how our economy is supposed work.”
https://t.co/xpsK0QsQPT Oil prices dropped by $15 in the last month but pump prices have barely fallen. https://t.co/xpsK0QsQPT
According to AAA, gas prices are down from their record high of $5.02 per gallon on June 14th. This is partly due to Americans using less gasoline and a pullback from high gas prices that has hit their budgets.
This is not the first time Bezos has fought with the White House about inflation. Bezos in May blamed President Obama for the sharpest rise in inflation in 40 years and called the soaring prices a “regressive taxes that most hurts those least affluent.”
