Home / News / World /  Jeff Bezos slams Joe Biden's appeal for lower petrol prices

Amazon founder Jeff Bezos has criticized President Joe Biden for calling on oil companies to lower sky-high gasoline prices. On Saturday, in a tweet, the US President said: “My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril. Bring down the price you are charging at the pump to reflect the cost you're paying for the product. And do it now." 

In a tweet, Jeff Bezos on Saturday said Biden's remarks amounted to "either straight ahead misdirection or a deep misunderstanding of basic market dynamics. Ouch. Inflation is far too important a problem for the White House to keep making statements like this." 

Gasoline prices in the US have been above $5 a gallon since early June, far high than the $3 a gallon level of a year ago. White House press secretary Karine Jean-Pierre rejected the criticism from Bezos, arguing that oil prices had dropped by about $15 a barrel in the past month while prices at the pump had "barely" fallen.

"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," she wrote on Twitter.

Oil prices have jumped 40% this year amid supply concerns after Russia invaded Ukraine and subsequent sanctions on Moscow.  John Kirby, White House spokesman on national security issues, also defended the president Sunday in an appearance on Fox News.

"The president is working very, very hard across many fronts... to try to bring that price down," Kirby said.

Global oil prices are down today with Brent crude near $110 a barrel as fears of global recession weighed on the market. 

“Demand concerns are high amid mixed economic data and worries about impact of aggressive monetary tightening on economic activity. Concerns about Chinese economy are also high amid continuing adherence to zero tolerance COVID policy," Kotak Securities said in a note. 

“Adding to supply concerns are recent supply disruptions in Ecuador and Libya due to political issues and prospect of strike in Norway. While global supply remains tight, OPEC and allies maintained their production policy and will add another 648,000 barrels per day in the month of August," the brokerage added. 

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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