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 ...
...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?
What kind of fantasy world does Sh*tshow Joe live in ?
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?
Sounds like the president of Venezuela.
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.
bpd not s, tablet typo
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.
Every d@mn one of them.
I know, it's a horrible thing for a U.S. company to be nationalized.
Last refinery built in the US! Most likely the last one ever.
AOC must be his chief economic advisor. She has a degree 'n everything. Ask her about the tip jar.
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.
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.
F U Biden, u sorry piece of $hit!
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.
Hey blinkin...on “”JAN 6”” gas was 2.30 here in NY.
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.
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.
Gimme your profits, even though I’m so demented I couldn’t count or ever use them.
He bashes the very companies that actually produce something. Then he wants them to make a deal with the devil.
What fckn retard.
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