After Joe Biden’s plea to oil companies to slash gasoline prices, Jeff Bezos lambasted the US president, saying that he’s either misleading the public or lacks a basic understanding of how a market economy works.
“Ouch. “Ouch. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics,”He tweeted Sunday.
The business magnate’s comment was in response to the president’s appeal to oil companies that run gas stations in the US. On Saturday, Biden urged them to “to bring down the price” they charge Americans at the pump as soon as possible, saying:“this is a time of war and global peril”.
Bezos wasn’t the only person to criticize Biden over his recent remarks about US energy security. Douglas Carswell (CEO of the Mississippi Center for Public Policy) tweeted Saturday: “Bizarre, tragic, pathetic. A US President lashing out at gas hoarders”.
Bezos and the White House have sparred over the economy before, with the Biden administration criticizing the Amazon founder for opposing the president’s planned reforms imposing higher taxes on wealthy US citizens. In mid-May Bezos attacked Washington for injecting “more stimulus into an already over-heated, inflationary economy”.
As gasoline prices rise, Americans face a back and forth. In June, the average price of gasoline in America was $5. Biden stated that the US will endure economic hardships for as long as it takes in June.
The US President pinned the blame for high prices and inflation on Russia’s military offensive on Ukraine, going as far as to describe the development as “Putin’s price hike”. A Rasmussen poll released in June found that only 11% Americans believed this, while more than half pointed the finger at Biden.
Biden’s conservative critics have blamed his administration’s aggressive spending for driving inflation upwards, and his anti-fossil-fuel policies – including bans on new drilling leases and a shutdown of the Canada-US Keystone XL pipeline during his first week in office – for raising fuel costs. Biden embargoed Russian oil-and gas imports. They accounted only a fraction of US imports.
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