Highlights

  • Gas prices in the US reached record levels this year.
  • The average cost of a gallon of regular gas hit $4.81 Sunday, according to AAA, compared to $3.12 a year ago.

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Bezos vs Biden: Amazon founder is again taking on the US President

The exchange with Bezos wasn’t the first time Biden and an outspoken American billionaire engaged in a war of words.

Amazon founder Jeff Bezos is asking US President Biden to get an economics lesson to understand how petrol pricing works. Bezos took to Twitter accusing the U.S. president of lacking a "basic" understanding of the forces that actually drive prices.

In the initial tweet, US President Biden made a direct appeal to gas stations and encouraged them to simply charge less for gasoline."

Bring down the price you are charging at the pump to reflect the cost you’re paying for the product,” the president continued. “And do it now.”

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“Ouch. Inflation is far too important a problem for the White House to keep making statements like this,” posted Bezos, owner of the Washington Post and founder of Amazon. “It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics.”

The White House took again to Twitter on Sunday to push back against Bezos. Press Secretary Karine Jean-Pierre said the elevated prices are ‘not basic market dynamics.’ It’s a market that is failing the American consumer.

This is not the first round Bezos vs Biden; the outspoken American billionaire had taken to Twitter in May to lash out against Biden's call to raise taxes for 'corporations to do their fair share' to control inflation. Bezos had responded by saying unions and wealthy people don't cause inflation.

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