Bezos slams Biden’s call for gas stations to cut prices

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Amazon CEO Jeff Bezos speaks during the United Nations Climate Change Conference (COP26) in Glasgow, Scotland, Britain November 2, 2021. Paul Ellis/Pool via REUTERS

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July 3 (Reuters) – Amazon.com Inc (AMZN.O) 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 gas stations to cut their prices.

In a tweet on Saturday, Biden said “this is a time of war and global peril,” and demanded that companies lower gasoline prices, which have soared to around $5 a gallon in many areas. from the country.

“Reduce the price you charge at the pump to reflect the cost you pay for the product. And do it now,” the president said. said.

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Shortly after, Bezos wrote on Twitter: “Ouch. misunderstanding of basic market dynamics.”

On Sunday, White House press secretary Karine Jean-Pierre dismissed Bezos’ criticism, arguing that oil prices had fallen about $15 a barrel over the past month as prices at the pump had “barely” dropped.

“But I guess it’s no surprise that you think oil and gas companies using their market power to reap record profits at the expense of the American people is the way our economy is supposed to work,” he said. – she writes on Twitter.

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

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Reporting by Akriti Sharma in Bengaluru; Editing by Paul Simao

Our standards: The Thomson Reuters Trust Principles.

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