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 ...
I hope the “Big Oil” Boyz responded with a cheery and rousing, “Bite Me! Jo Jo!”
Wants the companies to provide “any concrete ideas that would address the immediate inventory, price.
Oil refiners send reply OPEN OIL LINES AND ALLOW LEASES.
Biden asks Susan Rice for translation.
Hunter thinks all hookers should lower their prices and do a lot more charity work.
Scr3w the shareholders; power to the stakeholders (whatever they are).
After telling them in the debates he’s getting rid of them
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