Biden Just Sent This Letter to His Enemies
(NewsReady.com) – Gas prices are still skyrocketing around the globe, and America is one of the nations feeling the pain. As of June 15, the price of a regular gallon of gas averaged more than $5. As consumption remains high, so are prices. However, President Joe Biden thinks oil executives are price gouging, and now he has threatened them.
On June 14, Biden sent letters to seven of the country’s top oil companies. He threatened to use emergency powers and everything at the federal government’s disposal if the companies did not increase the supply at refineries to meet demand and lower prices.
The president told the executives that the price of gas has increased more than $1.70 since the beginning of 2022, but claimed the price per barrel of crude oil doesn’t justify the increase. Biden said that in March, a barrel of crude oil was $120, but the price of a gallon of gas was $4.40; the price per barrel was the same when he wrote the letter, yet Americans are paying $0.75 more for each gallon. Meanwhile, the POTUS said the oil companies are enjoying profit margins that have tripled.
ExxonMobil issued a response to the president’s letter, saying the company invested billions into America even when it lost $20 billion during the pandemic. The oil giant went on to suggest measures Biden could take like promoting investment, issuing “regular and predictable” leases, supporting pipelines, and other steps. Basically, everything the administration has failed to do.
ExxonMobil has a rather sensible response to President Biden's letter to the American oil refining industry. #OOTT $XOMhttps://t.co/k8ol8LguGL
— Javier Blas (@JavierBlas) June 15, 2022
The letters were sent to Chevron, Shell USA, ExxonMobil, BP America, Phillips 66, Valero, and Marathon.
President Biden will reportedly hold a meeting with Energy Secretary Jennifer Granholm to discuss the issue in the coming days. It’s unclear whether the administration plans to invoke the Defense Production Act to force refineries to increase output.
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