The White House and Jeff Bezos trade criticism over gas prices

White House press secretary Karine Jean-Pierre on Sunday responded to Jeff Bezos’ criticism of President Biden’s call for oil executives to cut gas prices, saying high gas prices are emblematic of “a market that is failing the American consumer” .

Driving the news: After Biden tweeted on Saturday reiterating calls for oil companies to lower prices, Bezos replied by tweeting“Inflation is far too big an issue for the White House to continue making statements like this.”

  • “It’s either direct misdirection or a deep misunderstanding of basic market dynamics,” Bezos added.
  • Oil prices have fallen about $15 over the past month, but prices at the pump have barely come down,” Jean-Pierre said. replied via Twitter. “It’s not ‘basic market dynamics.’ It’s a market that’s letting the American consumer down.”
  • “But I guess it’s no surprise that you think oil and gas companies using their market power to reap record profits at the expense of the American people is the way our economy is supposed to work,” he said. -she adds. added.

State of play: Although crude oil prices have fallen, it is not uncommon for gasoline prices to take some time to reflect the change.

But, but, but: The cost of crude oil isn’t the only factor that goes into determining prices at the pump, and oil companies have a limited role in setting final retail prices, according to the Dallas Fed.

The big picture: The Biden administration has tried several strategies to temper soaring gasoline prices, including releasing oil from the Strategic Petroleum Reserve, easing rules on E15 gasoline, and calling for a suspension of the federal gas tax, which Congress did not do.

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