Jeff Bezos, Amazon (AMZN, $109.56) founder, has called out President Joe Biden once again on rising inflation but this time for urging gas station operators to cut their pricing.
Biden requested that the corporations drop fuel costs in a tweet on Saturday, claiming that "this is a time of war and global peril,” adding “Bring down the price you are charging at the pump to reflect the cost you're paying for the product. And do it now.” Bezos then posted via Twitter: "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.”
The White House immediately dismissed Bezos' critique, arguing that while gas prices had "barely" decreased during the previous month despite oil prices decreasing by nearly $15 per barrel.
Why it matters
Bezos and the White House previously clashed in May this year when Bezos criticized the President for handling the country's high inflation based on a tweet from Biden in which the President claimed that wealthy corporations' underpayment of taxes was one of the factors contributing to the rise in inflation. He criticized the Biden administration for failing to pass legislation that would have increased taxes on affluent individuals and large companies. The proposed bill would have helped fund spending on education, childcare, and schemes to fight climate change.