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“Ouch. What Inflation Is ”Jeff Bezos criticises Joe Biden’s call for lower fuel prices

President Joe Biden has come under fire from Amazon CEO Jeff Bezos for asking oil firms to drop exorbitant petrol prices, forcing the White House to defend the US president on Sunday.

My clear message to the companies operating gas stations and setting prices at the pump is that we are living in a time of war and international risk.

“To represent the price you actually pay for the goods, lower the pump price. Do it right away, “Added Biden.

Biden’s comments, according to Bezos, “either straight forward misinformation or a poor misunderstanding of basic market dynamics,”

“Ouch. For the White House to continue making claims like this regarding inflation, “On Saturday, the US billionaire tweeted.

Before the next legislative elections in November, rising gas prices at the pump have come to represent broader price increases in the United States and are eroding Vice President Joe Biden’s popularity.

Biden has frequently criticized oil firms, claiming that they primarily consider profits rather than the welfare of the typical consumer.

In response, the firms claim they have increased production in an effort to control prices, although these are determined on the global market and are subject to dynamics outside the control of US oil majors.

On Sunday, the White House press secretary Karine Jean-Pierre tweeted that the price of oil had dropped by about $15 per barrel in the preceding month.

That is not “fundamental market dynamics,” she said; rather, the market is failing the American customer because gas prices have scarcely decreased.

Since early June, gas prices have exceeded $5 a gallon, which is unprecedented given the country’s obsession with automobiles. Prices have now decreased marginally, but they are still substantially higher than the $3 per gallon mark from a year ago.

In an appearance on Sunday, John Kirby, the White House’s spokesperson on national security matters, again backed the president.

The president is reportedly “working very, very hard on numerous fronts… to seek to drive down that price,” according to Kirby ”

He referenced Biden’s plans to access US strategic oil reserves to increase production and his proposal to suspend the federal gas tax this summer, both of which would require congressional approval.

He is aware that while working on this together won’t entirely solve all of the problems, it will assist. We could lower the cost at least by a dollar per gallon, “said Kirby.