Jeff Bezos criticizes U.S. President Joe Biden on Twitter for commenting vaguely about lowering gas prices
The Executive Chairman of Amazon Jeff Bezos has accused U.S. President Joe Biden of the current situation in the American economy. He called the President lacking a “basic understanding of the forces that actually drive prices,” once Mr. Biden announced the local gas stations to lower prices.
Mr. Bezos has re-tweeted to the Biden administration saying, “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 misdirection of basic market dynamics.”
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
Mr. Biden has been accused of telling the locals to lower the charges rather than looking at the matrics of an ongoing financial crisis. Reportedly, several other public figures such as comedian Tim Young also criticized calling Mr. Biden’s tweet “complete bs,” adding that gas stations aren’t the ones that control prices rather the government does.
According to the sources the US was facing a crude oil crisis following the Russian military invasion of Ukraine. Russia is the second-largest producer of crude oil globally and the oil market tumbled down immensely following the war. The US administration announced a ban on Russian crude oil, natural gas, and coal back in March. After cutting Russian supplies the US was facing a major amount of price hike which escalated quickly.
Investors were forced on tight supplies as the US put a ban on Russian oil. According to the International agency if the restrictions aren’t overturned, by 2023 demand will rise growing by more than 2% to a record number of 101.6 million BPD. Bernstein’s analysts who deal with investment research said, “Looking into next year, there is a clear deficit in supply. While a recession could yet come along to change this, the current set-up remains bullish for the oil price and oil stocks.”
Reportedly Mr. Bezos’s tweet might have concentrated on the factors that the Biden administration can look for to recede future recession in the country.
However, Mr, Bezos also had a feud previously with the administration when the White House blamed the inflation upon conglomerates like Amazon.
Look, a squirrel! This is the White House’s statement about my recent tweets. They understandably want to muddy the topic. They know inflation hurts the neediest the most. But unions aren’t causing inflation and neither are wealthy people. Remember the Administration tried… pic.twitter.com/GaMb3Kiu72
— Jeff Bezos (@JeffBezos) May 16, 2022
