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BIDEN SAID THAT HIS ADMINISTRATION IS PREPARED TO USE

 * Added by omgmovieshd on June 15, 2022 at 10:01am
 * View Albums

Biden said that his administration is prepared to use

Biden tells oil companies in letter 'well above normal' refinery profit margins
are 'not acceptable'
President Joe Biden on Wednesday called on U.S. oil refining companies to
produce more, saying they need to help alleviate the burden of high prices on
consumers.

“At a time of war – historically high refinery profit margins being passed
directly onto American families are not acceptable,” the president said in a
letter to oil companies including Exxon Mobil and Chevron.

″[C]ompanies must take immediate actions to increase the supply of gasoline,
diesel, and other refined product,” the letter added.

Biden’s call comes as sky-high energy costs add to inflationary concerns across
the economy. The national average for a gallon of gas crossed $5 over the
weekend for the first time on record, according to AAA.

The national average now stands at $5.014, which is 54 cents more than a month
ago, and $1.94 more than last year.

Refiners can’t just ramp up output, and utilization rates are already above 90%.
Additionally, some refiners are now being reconfigured to make alternate
products like biofuel.

Refining capacity has dropped since the pandemic took hold, which is a factor in
the rapid advance of fuel prices. Demand has returned as economies restart and
people travel once again, but supply remains tight.

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