The White House and Jeff Bezos trade insults over gas prices
White House Press Secretary Karine Jean-Pierre replied to Jeff Bezos' criticism of President Biden's demand on oil CEOs to lower gas prices.
White House Press Secretary Karine Jean-Pierre replied Sunday to Jeff Bezos' criticism of US President Joe Biden's demand on oil CEOs to lower gas prices.
After Biden reiterated demands on oil firms to cut prices on Saturday, Bezos replied by saying, "inflation is far too important a problem for the White House to keep making statements like this."
The Amazon founder added that it was "either straight ahead misdirection or a deep misunderstanding of basic market dynamics."
In response, Jean-Pierre Tweeted that "Oil prices have dropped by about $15 over the past month, but prices at the pump have barely come down," elaborating that "That's not 'basic market dynamics.' It's a market that is failing the American consumer."
"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."
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. https://t.co/XgKfEICZpk— Jeff Bezos (@JeffBezos) July 3, 2022
Last month, gas prices hit a record $5 throughout the US.
Read more: Biden pins US inflation on Putin, again
With the summer travel season starting, demand for gasoline is increasing, and with Russian oil imports shut off due to the Ukraine war, oil prices are skyrocketing on worldwide markets.
The Biden administration tried many tactics to cool surging gas prices, including releasing oil from the Strategic Petroleum Reserve, loosening limits on E15 gasoline, and pushing for a suspension of the federal gas tax, which Congress did not do.
Biden urged oil refinery CEOs to boost production and noted their "historically high-profit margins."
Oil companies have blasted the Biden administration for refusing to issue new drilling leases on public lands, canceling the Keystone Pipeline, and promoting its net-zero carbon emissions climate program.