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

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

July 3 (Reuters) – Amazon.com Inc (AMZN.O) founder Jeff Bezos renewed his feud with the White House over the weekend when the world’s third-wealthiest person criticized President Joe Biden for calling on companies running gas stations to their prices.

In a tweet on Saturday, Biden said, “This is a time of war and global danger,” demanding the companies lower gasoline prices, which have risen to about $5 a gallon in many parts of 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.

Bezos wrote on Twitter shortly afterwards: “Ouch. Inflation is far too important a problem for the White House to continue making such statements. It is either a direct deception or a profound misunderstanding of fundamental market dynamics.”

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

“But I think it’s not surprising that you think that oil and gas companies that use market power to make record profits at the expense of the American people is the way our economy should work,” she wrote on Twitter.

Bezos has had contact with the Biden government in the past. In May, he accused Biden of misleading the public and accused his government of a spike in inflation. read more

Reporting by Akriti Sharma in Bengaluru; Editing by Paul Simao

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