After Elon Musk, Jeff Bezos assaults Joe Biden on his recipes to decrease the value of gasoline

After Elon Musk, Jeff Bezos assaults Joe Biden on his recipes to decrease the value of gasoline

Elon Musk and Jeff Bezos, the 2 richest males on this planet, are racing for house. However for the previous few months, they’ve additionally been competing for one of the best opponent to Joe Biden. Mr. Musk, the boss of Tesla left with a head begin, livid that the Democratic president didn’t point out his firm when he talked about electrical autos on the pretext that Tesla doesn’t have unions. In Might, the entrepreneur had even accused him of not likely being in cost: “The true president is the one who controls the teleprompter”.

Learn additionally: Article reserved for our subscribers “The diffuse impression of a coming recession and due to this fact of an upcoming drop in demand is already influencing oil costs”

Jeff Bezos, the founding father of Amazon, catches up on a serious subject, inflation and fuel costs. Earlier than the lengthy weekend of July 4, the American nationwide vacation, Joe Biden tried to appease People, livid that the value of gasoline reached 5 {dollars} (4.90 euros) per gallon (3.8 liters ): “My message to corporations that function fuel stations and set costs on the pumps is straightforward: It is a time of warfare and world peril. Cut back the value you cost on the pump to replicate the associated fee you pay for the product. And do it now. » Jeff Bezos’ response was quick: “Inflation is way too large a difficulty for the White Home to proceed making statements like that. That is both an try at diversion or a deep misunderstanding of primary market dynamics. »

The Affiliation of American Oil and Gasoline Producers wielded a considerably disrespectful irony: “We’re engaged on it, Mr. President. Within the meantime, have a cheerful 4th of July and ensure the White Home intern who posted this tweet enrolls within the primary economics course for the autumn begin…”

“Margins not acceptable”

The causes of inflation are a number of, however the public debate crystallizes on the value of gasoline. After accusing Vladimir Putin of a surge in costs that predated the invasion of Ukraine, Joe Biden is now questioning the margins of oil producers. “In occasions of warfare, the traditionally excessive refinery revenue margins handed on to American households are usually not acceptable”the president stated in a letter to grease corporations, together with Exxon Mobil and Chevron, urging them to “take quick motion to extend the availability of gasoline”.

The tenant of the White Home, who refuses all accountability in a phenomenon that he not less than partially triggered together with his restoration plan, accuses corporations of cartelization and extreme income. Economist Larry Summers, former director of the Treasury of Invoice Clinton, who first warned of the return of inflation, sweeps away this argument: “The rhetoric about inflation attributable to company abuse is ridiculous”he stated in Might, recalling that “the overly expansionary macroeconomic coverage of the Federal Reserve and the federal government has contributed to inflation”.

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