Jeff Bezos says Joe Biden’s call for gas price cuts is either ‘straightforward misdirection or a deep misunderstanding of basic market dynamics’ | Local News

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Amazon founder Jeff Bezos and President Joe Biden.Associated press

  • Jeff Bezos questioned Joe Biden’s demand for lower gas prices.

  • The Amazon founder and president waged a war on the root causes of inflation.

  • A Chinese official praised Biden for realizing that “capitalism is about exploitation.”

Jeff Bezos blasted Joe Biden’s call for gas price cuts as “straightforward misdirection or a deep misunderstanding of basic market dynamics” in a Tweeter.

The Amazon founder was responding to a tweet from the president warning gas sellers not to take advantage of the war in Ukraine to drive up prices.

“My message to companies that run gas stations and set prices at the pump is simple: this is a time of war and global peril,” Biden tweeted. “Reduce the price you charge at the pump to reflect the cost you pay for the product. And do it now.”

Bezos responded by quoting Biden on Twitter: “Ouch. basic market dynamics.”

Democrats are at odds with oil companies as fuel prices soar amid tight supply chains and Russia’s invasion of Ukraine. Gas prices are averaging $4.81 a gallon, compared to $3.12 a year ago, according to the AAA.

Congress recently introduced a price gouging bill to prevent companies from raising the price of gas to maintain profit levels. Larry Summers told Bloomberg the move was “dangerous.”

Bezos’ comments are the latest in an inflation feud between the pair that dates back to May, during which he accused Biden of misinformation for blaming big business for the price hike.

While angering Bezos, Biden’s tweet also won praise from Chinese state media.

Chen Weihua, a European reporter for the state-run China Daily, tweeted, “Now the US President has finally realized that capitalism is about exploitation. He didn’t believe it before.”

The White House recently called for a three-month gas tax suspension to combat rising prices, but it too has faced opposition and has already been derided by Barack Obama as a “trick”. “.

Read the original article on Business Insider

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