President Biden on Wednesday sent a letter to oil executives blasting them for profiteering off high prices and threatening to use “emergency powers” if they don’t increase output.
“At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable,” Biden wrote in a letter to executives at Marathon Petroleum Corp, Valero Energy Corp, Exxon Mobil, Phillips 66, Chevron Corp, BP, and Shell.
“There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing. But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.”
For the first time, the average price for a gallon of gas in the U.S. surpassed $5, according to AAA. With his approval ratings steadily declining, the letter marks yet another attempt to shift blame for the pain Americans are feeling at the pump.
“Your companies and others have an opportunity to take immediate actions to increase the supply of gasoline, diesel and other refined product you are producing,” Biden continued. “My administration is prepared to use all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied.”
WH begs oil cos to improve situation.
Can we drill? We'd rather you not.
Can we build a refinery? We'd rather you not.
Can we build a pipeline? We'd rather you not.
Just make it better. https://t.co/DBfpBu1mL3
— Patrick De Haan ⛽️📊 (@GasBuddyGuy) June 15, 2022
— Gorringo (@ring_trader) June 15, 2022