Bezos Blasted for Defense of Big Oil Price-Gouging

Progressives ripped billionaire Jeff Bezos for his latest defense of corporate profiteering over the weekend in which the Amazon founder and the world’s second-richest person criticized a call by President Joe Biden for oil companies to lower the price of gasoline.

On Saturday, Bezos accused President Joe Biden of “misdirection” and ignorance “of basic market dynamic” in response to a tweet from the president which called on companies setting gasoline prices to “bring down the price you are charging.”

While Bezos’ comment sparked a sharp response from White House press secretary Karine Jean-Pierre—who said pump prices remaining constant despite a steep drop in crude oil prices isn’t “basic market dynamics” but rather “a market that is failing the American consumer”—progressive critics also jumped into the fray.

In May, an analysis detailed how large oil and gas companies have used soaring profits—up 155% in the first quarter of 2022 compared to the year previous—to reward their shareholders and executives instead of offering relief to consumers.

As Common Dreams reported Sunday, such soaring profits by oil giants like Exxon Mobil have bolstered the continued call for a windfall profits tax—the revenue of which would be returned to consumers as a way to reduce the pain experienced at the pump. So far, the Biden administration has not aggressively embraced that progressive demand.

Economist Richard D. Wolff, professor of economics emeritus at the University of Massachusetts at Amherst, suggested Gunnels had it right.

“Bezos scared,” Wolff responded on social media. “If supply less than demand markets raise prices (so too suppliers’ profits). Oil suppliers know, use that. Gov’t could cut prices, take over oil suppliers. Bezos fears same applies to Amazon ‘services.’ So wants to stop discussion.”

Originally published at Commondreams.org, written by Jon Queally.