Biden Calls Out Oil Refiners for High Profit Margins and Record Prices at the Pump

Video Credit: Wibbitz Top Stories
Published on June 15, 2022 - Duration: 01:31s

Biden Calls Out Oil Refiners for High Profit Margins and Record Prices at the Pump

Biden Calls Out , Oil Refiners for High Profit Margins , and Record Prices at the Pump.

Biden Calls Out , Oil Refiners for High Profit Margins , and Record Prices at the Pump.

Al Jazeera reports that President Joe Biden has called on oil refiners to increase production.

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Al Jazeera reports that President Joe Biden has called on oil refiners to increase production.

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The appeal was made via a letter to major refining companies, including Exxon Mobil, Chevron, Shell and British Petroleum.

The appeal was made via a letter to major refining companies, including Exxon Mobil, Chevron, Shell and British Petroleum.

Biden claimed that the oil refiners' high profit margins were hurting consumers and blamed Russia's invasion of Ukraine for rising prices.

Biden claimed that the oil refiners' high profit margins were hurting consumers and blamed Russia's invasion of Ukraine for rising prices.

The crunch that families are facing deserves immediate action.

Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis, Joe Biden, President of the United States, via Al Jazeera.

The crunch that families are facing deserves immediate action.

Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis, Joe Biden, President of the United States, via Al Jazeera.

In the United States, gas prices have reached an average of about $5 a gallon, the highest-ever recorded price.

On June 10, the U.S. government reported that consumer prices have risen 8.6% since last year, the highest increase in over 40 years.

Biden's letter to oil producers reportedly describes the “unprecedented disconnect” between the cost of refining and the high price consumers pay at the pump.

Biden's letter to oil producers reportedly describes the “unprecedented disconnect” between the cost of refining and the high price consumers pay at the pump.

Since the beginning of the year, refiners’ margins for refining gasoline and diesel have tripled, and are currently at their highest levels ever recorded, Joe Biden, President of the United States, via Al Jazeera.

Since the beginning of the year, refiners’ margins for refining gasoline and diesel have tripled, and are currently at their highest levels ever recorded, Joe Biden, President of the United States, via Al Jazeera.

According to the letter, the U.S. government is ready 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.”.

According to the letter, the U.S. government is ready 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.”.

Biden also reportedly called on Energy Secretary Jennifer Granholm to convene an emergency meeting with the National Petroleum Council.

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Biden also reportedly called on Energy Secretary Jennifer Granholm to convene an emergency meeting with the National Petroleum Council.


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