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Bezos slams Biden's call for gasoline stations to cut prices

Economic Indicators Jul 03, 2022 09:51PM ET
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© Reuters. Amazon CEO Jeff Bezos speaks during the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 2, 2021. Paul Ellis/Pool via REUTERS

(Reuters) - Amazon.com Inc (NASDAQ:AMZN) founder Jeff Bezos renewed his spat with the White House over the weekend, as the world's third-richest person criticized President Joe Biden for calling on companies running gasoline stations to lower their prices.

In a tweet on Saturday, Biden said, "this is a time of war and global peril," and demanded the companies lower gasoline prices, which have soared to about $5 a gallon in many parts of the country.

"Bring down the price you are charging at the pump to reflect the cost you're paying for the product. And do it now," the president said https://

Bezos soon after wrote on Twitter (NYSE:TWTR): "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."

On Sunday, White House press secretary Karine Jean-Pierre rejected the criticism from Bezos, arguing that oil prices had dropped by about $15 a barrel in the past month while prices at the pump had "barely" fallen.

"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," she wrote on Twitter.

Bezos has locked horns with Biden's administration in the past. In May, he accused Biden of misleading the public and blamed his administration for a spike in inflation.

Bezos slams Biden's call for gasoline stations to cut prices
 

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Comments (12)
Nils Hullmann
Nils Hullmann Jul 04, 2022 4:23AM ET
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when will they start ,the impeachment ? this senile old man shouldn't be allowed on tv not even as a Dems billionaire puppet
Brad Albright
Brad Albright Jul 04, 2022 4:23AM ET
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You seem quite unfamiliar with American jurisprudence.
Al Zuni
Al Zuni Jul 04, 2022 4:23AM ET
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*****in Biden voter.
Co Gonz
Co Gonz Jul 04, 2022 4:23AM ET
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Brad Albright I don’t think you’re too popular bro, but keep trying
Dennis Chuck
Dennis Chuck Jul 03, 2022 11:43PM ET
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Whats wrong with calling the oil companies to lower their prices! Are the billionaires afraid their money is subsidizing the oil??? Let not forget you billionaire get earn your money from the people, its time to give back to the people!
Desmond Chin
Desmond Chin Jul 03, 2022 11:43PM ET
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Totally agree, billionaires earned via their own efforts and definitely not by Forcing you to buy into their products / services. America current situation are due to own doing, stop pushing the responsibility after you fail.
John Kelley
John Kelley Jul 03, 2022 11:22PM ET
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Americans pay oil subsidizes companies and give them record profits. American business first, its people last!
David Beckham
David Beckham Jul 03, 2022 10:25PM ET
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If trump here sure gas is cheap trump back n Biden go back hospital
Brad Albright
Brad Albright Jul 03, 2022 10:25PM ET
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Here? Don't you mean there, Dave?
David Beckham
David Beckham Jul 03, 2022 10:23PM ET
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Biden please resign you are useless
Glenn Herwig
Glenn Herwig Jul 03, 2022 10:00PM ET
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Comical. Will pay employes minimum wage. But then call out high gas prices. Why not pay your workers more? What a concept
Brad Albright
Brad Albright Jul 03, 2022 10:00PM ET
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Man, are you on the bath salts already, dude? Relax. Find a woman. Go form a walk. Pet your dog. You rage is going to ki ll you.
Roger Miller
Roger Miller Jul 03, 2022 9:47PM ET
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Pure political theatre; the high oil prices are on purpose and are necessary for their transition to a green economy. That transition failed the first time under Obama/Biden because fuel was too cheap.
Brad Albright
Brad Albright Jul 03, 2022 9:47PM ET
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I was just on a zoom last night with Biden, Putin and OPEC and everyone was laughing about how well our secret plan to get to green energy was going. And now, blyat! Roger Miller has exposed our plan.
Samantha
Samantha Jul 03, 2022 8:49PM ET
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Biden is going after the wrong target. Gas stations stay in business selling snack foods and soda. Most are franchises. They're at the end of the line. The rest of us are last in line for influencing supply and demand. Biden's staff should examine the market makers before distribution gets to the pump and that major gas and oil companies are delirious hitting record profits and record exports.
Roger Miller
Roger Miller Jul 03, 2022 8:49PM ET
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The pricing power of the big oil companies is do to the government restricting competition and production. In a truly free market things would be much different.
Brad Albright
Brad Albright Jul 03, 2022 8:49PM ET
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You are right. The price exploitation is not at the gas station. They are victims as much as the consumer.
Samantha
Samantha Jul 03, 2022 8:49PM ET
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Roger Miller Any websites you would recommend for learning more about restricted competition? I know that independently owned and operated refineries were hard hit during the oil glut. Overproduction was building up for several years when Covid drove oil sub zero.
Co Gonz
Co Gonz Jul 03, 2022 8:49PM ET
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Roger Miller has stations are different than big oil. Gas stations are price takers
Co Gonz
Co Gonz Jul 03, 2022 8:49PM ET
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Roger Miller pricing power is more conplex than that. Crude drives economies and are at the mercy of free market prices in america.. opec sets prices.. US can’t set them and if you look at their financials their margins haven’t increased significantly as revenues are rising with costs
Jayme Oliveira Jr
JJ__ Jul 03, 2022 8:44PM ET
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Biden should ask to quit the job...
ZS Beck
ZS Beck Jul 03, 2022 8:30PM ET
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Looks like Democrats are about to lose big corporations, and donors...
 
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