President Biden has been blasted for lashing out at gas companies amid the soaring gas prices in the US.
On Saturday Biden even pleaded with the companies that are ‘running gas stations’ to lower their prices to help inflation-battered American.
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In a tweet he 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.’
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Biden was blasted for failing to understand the basic law of supply and demand that dictates prices and drives the United States’ free-market economy.
The Mail Online reports: His tweet was criticized by Amazon founder Jeff Bezos and even a China government worker who accused the president of undermining the very capitalist principles on which the US economy is founded.
Bezos said: ‘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.’
Biden found apparent support from Chinese state media reporter Chen Weihua.
The communist mouthpiece sent a sarcastic tweet highlighting how Biden was seeking to undermine the principles of supply and demand which dictate prices in a free-market economy like that of the United States.
Weihua tweeted: ‘Now US President finally realized that capitalism is all about exploitation. He didn’t believe this before.’
The reporter tweeted something similar to Biden in 2021 when he responded to the president’s tweet that read: ‘Let me be clear: capitalism without competition isn’t capitalism. It’s exploitation.’
Weihua wrote then: ‘Capitalism is all about exploitation. Period.’
Another of those who responded was Texas Senator Ted Cruz who tweeted:’My message to the guy running your teleprompter. It’s YOUR fault. Reverse the dozens of executive orders, regulations & agency actions targeting American energy, and gas prices will fall… FAST. #Bidenflation.’
The president made a similar plea to oil giants in a June 22 speech that read in part: ‘These are not normal times. Bring down the price you are charging at the pump to reflect the cost you are paying for the product.’
Biden begging for companies to reduce prices comes shortly after his administration failed to sell even his own party on a 90-day gas tax break.
According to an NBC report, if the tax break went ahead, the average American would only save 12 cents per gallon.
As the price of gas continues to skyrocket for American consumers, the Wall Street Journal reported earlier this week that the Biden administration ‘plans to block new offshore oil drilling in the Atlantic and Pacific oceans.’
Since March 2022, the president has sought to lay the blame for inflation at the feet of Russian President Vladimir Putin calling inflation: ‘Putin’s price hike.’