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Biden tells oil refiners: Produce more gas, fewer profits
The Associated Press ^ | June 15, 2022 | By JOSH BOAK (D-AP)

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 ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: brandon; energy; marxism; oil
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To: Oldeconomybuyer

...including transportation measures to get refined product to market.”

Like sky high diesel prices?
Like hard to find drivers?
Like “no go” zones in inner cities?


61 posted on 06/15/2022 6:17:23 AM PDT by Texas resident ( Let's Go Brandon)
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To: Oldeconomybuyer

What kind of fantasy world does Sh*tshow Joe live in ?


62 posted on 06/15/2022 6:18:19 AM PDT by wardamneagle
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To: Oldeconomybuyer

So, all it takes to fix a monumental gas crisis is a memo from the POTUS? Who knew?

Which begs the question: If a memo can solve this, why did we get into this fix in the first place? Shouldn’t there have been a memo out there that gas would always be plentiful and cheap? What am I missing here?


63 posted on 06/15/2022 6:18:46 AM PDT by RedElement
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To: Oldeconomybuyer
Biden tells oil refiners: Produce more gas, fewer profits

Sounds like the president of Venezuela.

64 posted on 06/15/2022 6:19:01 AM PDT by McGruff (Don't underestimate Joe's ability to f*** things up - Barack Obama)
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To: All

For those not aware of it, the largest oil producing companies on earth are indeed nationalized.

Chevron produces about 2 million barrels per day. In contrast Saudi Aramco produces 11 mbps. Equinor (used to be Statoil) is over 5 mbps from 5 different countries. PetroChina is about 6, last I looked, also from 5 different countries.

Hard to know what nationalizing a few US oil majors would do. Didn’t particularly hurt output from Aramco, Rosneft, Equinor, PetroChina, Petronas.

Don’t measure success in dollars. Those are pieces of paper with ink on them created from thin air by the Fed. Measure with barrels per day.

National oil companies produce 80% of oil produced on earth. Oil is lifeblood. It defies economics.


65 posted on 06/15/2022 6:21:17 AM PDT by Owen
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To: Owen

bpd not s, tablet typo


66 posted on 06/15/2022 6:22:22 AM PDT by Owen
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To: reintarnation
-- 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? --

Big time, yes. The energy compaines are product agnostic, it's all about profit. If profit comes from government subsidy, that's where they go. If it gets expensive to comply with regulation, too expensive to make a profit, that line of production is abandoned, as it should be.

Government drives 100% of economic direction with tax and regulatory policy. We've been a fascist country (on big business, energy, food, transportation) for all of my 65 years.

67 posted on 06/15/2022 6:23:18 AM PDT by Cboldt
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To: Oldeconomybuyer
Quicker solution, fraud administration/puppet-masters go bye bye.

Every d@mn one of them.

68 posted on 06/15/2022 6:23:29 AM PDT by RckyRaCoCo (Please Pray For My Brother Ken.)
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To: Owen
Hard to know what nationalizing a few US oil majors would do.

I know, it's a horrible thing for a U.S. company to be nationalized.

69 posted on 06/15/2022 6:23:54 AM PDT by 1Old Pro
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To: SpokeshaveReturns

Last refinery built in the US! Most likely the last one ever.


70 posted on 06/15/2022 6:25:27 AM PDT by Lockbox (politicians, they all seemed like game show hosts to me.... Sting)
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To: McGruff
Sounds like the president of Venezuela.

AOC must be his chief economic advisor. She has a degree 'n everything. Ask her about the tip jar.

71 posted on 06/15/2022 6:26:41 AM PDT by Sirius Lee (They intend to murder us. Prep if you want to live and live like you are prepping for eternal life)
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To: eyeamok

It doesn’t work like that.

You cannot produce diesel and no jet fuel. The word produce is deceptive. Crude oil contains constituent parts. Gasoline, diesel, jet fuel, asphalt, Etc. You cannot boil crude and have those other constituent parts that you do not want stop emerging from the process.

You have to find something to do with all of it. Generally speaking, you sell it.


72 posted on 06/15/2022 6:26:56 AM PDT by Owen
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To: lightman

I had a upper management whiz in TV production land whose most brilliant bit of leadership wisdom was “do more but slow down”.

Sounds similar.


73 posted on 06/15/2022 6:59:07 AM PDT by wally_bert (I cannot be sure for certain, but in my personal opinion I am certain that I am not sure.)
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To: Oldeconomybuyer

F U Biden, u sorry piece of $hit!


74 posted on 06/15/2022 6:59:07 AM PDT by CardeadInKy ("The problem with Liberalism is that eventually you run out of other people's money" -Marg Thatcher)
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To: Oldeconomybuyer

To produce more gasoline requires more crude oil regardless of profit margins. Just where does Senile Joe expect the oil companies to get the crude oil when new drilling in the US has been curtailed? Of course Joey can beg the Saudis, Venezuela and Iran for oil at inflated OPEC prices which of course will be shipped by tankers for free and processed into gasoline by US oil companies and sold at a loss. Maybe he should make AOC his oil czar. Joey and his advisers are total idiots and clueless about basic economics.


75 posted on 06/15/2022 7:14:35 AM PDT by The Great RJ
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To: Oldeconomybuyer

Hey blinkin...on “”JAN 6”” gas was 2.30 here in NY.


76 posted on 06/15/2022 7:15:57 AM PDT by exPBRrat (.)
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To: jdsteel

Why would they work with Mr Potato Head when he threatens them? If he wants oil prices to drop he needs to increase American production and build keystone. Potato Head won’t do that so we are stuck with high prices on everything.


77 posted on 06/15/2022 7:19:49 AM PDT by Rdct29 (Democrats are the new Nazi's. They think they deserve total control over the people)
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To: Oldeconomybuyer

Biden wants all businesses to take the hit for his failures. If I were them I’d tell Biden take a hike!

Businesses are closing because they can’t get fair prices themselves....and they refuse to charge the consumers more. Biden continues to destroy this country economically.


78 posted on 06/15/2022 7:21:58 AM PDT by caww ( )
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To: Sans-Culotte

Gimme your profits, even though I’m so demented I couldn’t count or ever use them.


79 posted on 06/15/2022 7:23:22 AM PDT by If You Want It Fixed - Fix It ( )
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To: jdsteel
“ Your companies need to work with my Administration ….”

He bashes the very companies that actually produce something. Then he wants them to make a deal with the devil.

What fckn retard.

80 posted on 06/15/2022 7:25:56 AM PDT by unixfox (Abolish Slavery, Repeal the 16th Amendment)
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