Jeff Bezos is at odds with the White House over high gas prices, with the world’s second richest man opposing a tweet from President Joe Biden calling on fuel companies to cut prices.
Bezos criticized Mr. Biden’s July 2 tweet, which read, “Companies operate gas stations and set prices at the pump.”[b]Subtract the price you charge at the pump to reflect the price you pay for the product. And do it now.”
In response to Biden’s message, Amazon.com founder Bezos took aim at the president’s finger-pointing at companies.
Bezos tweeted, “Ouch. Inflation is too important an issue for the White House to make such statements.” “This is either outright misdirection or a deep misunderstanding of fundamental market dynamics.”
Ouch. Inflation is too important an issue for the White House to make such statements. This is either outright misdirection or a profound misunderstanding of fundamental market dynamics. https://t.co/XgKfEICZpk
— Jeff Bezos (@JeffBezos) July 3, 2022
Gas prices averaged $4.80 a gallon Monday, or 53% higher than a year ago, according to the AAA. The jump in prices at the pump is due to a range of economic and political issues, from rising fuel demand to Americans once again riding Russia’s war in Ukraine, experts say.
The White House issued a response to Bezos’ criticism, with White House Press Secretary Karine Jean-Pierre noting the difference between oil prices and the cost of gas at the pump.
“Oil prices have fallen about $15 in the last month, but hardly at pump prices. This is not ‘underlying market dynamics,'” he wrote in a tweet. “This is a market that is failing the American consumer.”
“But I think it’s not surprising that you think oil and gas companies are using market forces to make record-breaking profits at the expense of the American people, the way our economy works,” he said. should do.”
Oil prices have fallen about $15 in the past month, but prices at the pump are little down.
This is not “fundamental market dynamics”. This is a market that is failing the American consumer. https://t.co/xpsK0QsQPT
— Karine Jean-Pierre (@PressSec) July 3, 2022
Meanwhile, gas prices have fallen from a record high of $5.02 a gallon on June 14, according to the AAA. This is partly due to Americans using less gas, a setback caused by the strain on their budgets from higher gas prices.
This isn’t the first time Bezos has disputed inflation with the White House. In May, Bezos blamed the president for the sharpest spike in inflation in four decades, describing rising prices as a “regressive tax hurting the least affluent.”