Posted on 06/15/2022 5:17:21 AM PDT by Oldeconomybuyer
President Joe Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump.
“The crunch that families are facing deserves immediate action,” Biden wrote in the draft of a letter to oil refiners obtained by The Associated Press. “Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis.”
As Biden sees it, refineries are capitalizing on the uncertainties caused by “a time of war.” His message that corporate greed is contributing to higher prices has been controversial among many economists, yet the claim may have some resonance with voters.
The letter says the administration 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.” It notes that Biden has already released oil from the U.S. strategic reserve and increased ethanol blending standards, though neither action put a lasting downward pressure on prices.
Biden is asking each company to explain to Granholm any drop in refining capacity since 2020, when the pandemic began. He also wants the companies to provide “any concrete ideas that would address the immediate inventory, price, and refining capacity issues in the coming months -- including transportation measures to get refined product to market.”
(Excerpt) Read more at apnews.com ...
This is what happens when a retard is king. It all flows down hill and I wish it was only liberals who have to choke on it. Not so. Decent folks are suffering, too.
To progressives, profits are an obscenity. To Biden, profits belong to LABOR
By making the statement about profits Biden illustrated he is in fact an American enemy
Australia is nationalizing their energy industry.
It is taking the Venezuela route.
Government fuel taxes in 2022: About $70 billion
https://www.instituteforenergyresearch.org/fossil-fuels/gas-and-oil/will-any-new-refineries-be-built-in-the-united-states/
My plan as President, any investment I find necessary will be fully written off in one year from the start of the project. Once it’s build try and kill it Libs because it was paid for already.
Wow. We’ve moved far beyond Jimmy Carter levels of incompetency to complete lunacy.
If we are at war, then let us get on a wartime mobilization basis. Cut all the red tape, remove the strangling regulations, open up the reserves for explorations, and provide incentives for the extraction, transportation, refining and distribution of the petroleum, and make sure the natural gas is available in plentiful quantity. Modern civilizations require huge amounts of relatively cheap and AVAILABLE energy, wind and solar just ain’t gonna cut it.
In the Second World War, gasoline was being produced for the military in huge quantity, so much so that huge amounts were just WASTED. The reason for gas rationing for the civilian population was not because of scarcity of gasoline, but scarcity of rubber to replace tires as they wore out. The natural rubber supply, which came from Indo-China, was cut off because the Imperial Japanese military prevented any trade from moving through the Strait of Malaysia.
The Biden Crime Family doesn’t have enough money to build a refinery for Delaware?
I’m surprised that I haven’t seen the petroleum industry fight back on this green revolution. Do they have skin in the “renewables” game?
More bricks, less straw-—worked real well for Pharoah.
/s
We’ve always been at war with Eastasia ...
Along side the state and federal tax on each gallon for perspective.
Wait a minute. Biden WANTS Americans to be unable to buy fossil fuels. He WANTS high prices at the pump. He talks about the “glorious change” we are undergoing with fossil fuels being made scarce.
As usual, the criminal Joe Biden is angry when others are getting rich but the “big guy” doesn’t get his 10% of the action.
What a lying jerk.
Biden CAUSES this, then is angry at other people not SOLVING it.
“Also, fake president also noted this is a time of war. We’re at war?”
Individuals are always at war with government to one degree or another. Individuals want freedom, government wants total control. It doesn’t really matter what form government takes, it always seeks to control everything in its realm for its own benefit.
There are currently refineries that are either partly or fully taken offline so as not to violate Clean Air Act rules.
They are still capable of refining crude into useable product but need to be repaired/modified to meet regulatory requirements.
Oil is a traded commodity. It’s like telling gold miners to take less profits. The market sets the price, and then producers sell at that price.
Present refineries have been expanded and made more productive and in the process producing at costs that made other now gone refineries non competative.
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