Monday, September 26, 2022

Bezos condemns Biden’s appeal for lower petrol prices

Date:

Amazon founder Jeff Bezos has criticized President Joe Biden for calling on oil companies to reduce skyrocketing gasoline prices, prompting the White House to come to the US leader’s defense on Sunday.

“My message to the companies that run gas stations and set prices at the pump is simple: this is a time of war and global crisis,” Biden tweeted on Saturday.

“Take down the price you’re charging at the pump to reflect the price you’re paying for the product. And do it now,” Biden said.

Bezos said Biden’s comments are “either a straight forward misdirection or a deep misunderstanding of fundamental market dynamics.”

“Ouch. Inflation is too important a problem for the White House to make statements like this,” the US billionaire tweeted Saturday.

Gasoline prices at the pump have become a symbol of widespread price hikes in the United States, and they’re lowering Biden’s approval rating ahead of legislative elections in November.

Read also | Bezos-Biden tussle: Can corporate taxes curb inflation?

Biden has regularly attacked oil companies, saying they only care about profits and not the well-being of the average consumer.

The companies say that in return they have increased production in an attempt to drive down prices but these are set on the world market and subject to dynamics that are not under the control of the US oil giant.

White House Press Secretary Karine Jean-Pierre said on Twitter on Sunday that oil prices have fallen by about $15 a barrel over the past month.

“But prices have barely come down at the pump. It’s not ‘basic market dynamics’.” This is a market that is failing the American consumer,” she wrote.

Gasoline prices have been above $5 a gallon since early June, unprecedented in a car-mad nation. Prices have declined slightly, but are far from the $3 per gallon level a year ago.

John Kirby, the White House spokesman on national security issues, also defended the president in an appearance on Fox News on Sunday.

“The president is working very, very hard on many fronts … trying to bring that price down,” Kirby said.

He cited Biden’s proposal this summer to suspend the federal gas tax — which would require congressional approval — and his decision to exploit US strategic oil reserves to put more products on the market.

“He knows it’s not going to solve all problems, but if everyone cooperates on this it will help. We can reduce the price by at least a dollar a gallon,” Kirby said.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
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