President Joe Biden issued a warning to fuel distributors in the United States, accusing them of abusing the increases, but the president received two criticisms and ridicule.
“My message is Simple for the companies that run gas stations and are raising prices: this is a time of war and global danger,” the president said on Twitter. “Lower the prices you are charging at the pump to reflect the increase you are paying for the product. And do it now.”
However, the owner of Amazon, Jeff Bezos, criticized and somehow mocked Biden’s message, considering that he did not know about basic economics.
“Ouch. Inflation is too big an issue for the White House to send messages like this,” Bezos said. “This is either completely wrong direction or misunderstanding of basic market dynamics.”
Also in the midst of growing tension with China over and security, the Xi Jinping government also criticized President Biden.
“Now the president of the United States has finally realized that capitalism is about exploiting . I did not believe this before”, wrote Chen Weihua, head of the Europe bureau of the state media China Daily.
The White House has not assumed any responsibility for the high fuel costs and has maintained direct accusations to the Russia-Ukraine conflict due to the impact on prices, as also recalled by the director of the National Economic Council, Brian Deese.
“This is about the future of the liberal world order and we have to stand firm,” said Deese.
The price of gasoline has reached record levels in the US .and in some states it exceeds $7 dollars, but the national average is above $5 dollars.
President Biden sent a package to Congress to approve the forgiveness of the 18 cents per gallon, a measure that would be for just over three months, but experts indicate that this action will be insufficient to help to Americans.
Inflation has skyrocketed practically all over the world and the US is among the countries with the greatest impact with 8.6%, the highest since the 1980s.
This has led to an increase in interest rates by the Federal Reserve, while projections by financial experts indicate that the recession in the world will occur in 2023, according to a recent survey with specialists, carried out by the Financial Times and the University of Chicago.