Joe Biden is now begging oil companies to increase production and is threatening to use emergency federal government powers if they don’t do as he asks.
Via Fox Business:
President Biden may resort to using emergency powers if American oil companies don’t increase output at their refineries, the president told oil CEOs in a series of letters Wednesday.
Biden’s statement blames oil companies for running “historically high profit margins” even as Americans experience surging gas prices. Biden has recently faced criticism for a lack of executive action aimed at curbing inflation.
“There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,” Biden wrote. “But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.”
“Your companies and others have an opportunity to take immediate actions to increase the supply of gasoline, diesel and other refined product you are producing,” he continued. “My administration is prepared 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 sent letters to Marathon Petroleum Corp, Valero Energy Corp, ExxonMobil, Phillips 66, Chevron, BP and Shell.
The letters represent Biden’s latest attempt to use executive action to curb inflationary pressure. Inflation currently sits at a 40-year high of 8.6% and shows no signs of slowing down.
The letters come one day after Biden ordered the sale of another 45 million barrels of crude oil from the U.S. Strategic Oil Reserve.
Below is where you can read the full letter:
President Biden writes to oil executives complaining (!!!) the industry shut down too much refining capacity:
“At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable" (full letter via @axios ) #OOTT pic.twitter.com/rOv2ANxxGD
— Javier Blas (@JavierBlas) June 15, 2022
I would note that in the letter, Biden concedes that the oil companies made these calculations about how much oil to produce before he came into office:
I just think that’s important to note, given that the oil companies were probably working off of what was happening in the Trump administration when gas prices were very low.
The problem is that Biden simply refuses to do what is necessary to unleash American oil and gas. He could order his administration to green light all permits and begin the process of getting us out of this mess he created:
“No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill. Period.”
— Joe Biden, 2020pic.twitter.com/X5tcDOPtT8
— RNC Research (@RNCResearch) June 11, 2022
Biden can blame Russia all he wants, but the truth is he is the one has put his boot on the necks of oil companies because he hates oil and gas. He’s the one who started the climb in gas prices which were headed towards $4/gallon before Putin ever invaded Ukraine. And as so many have pointed out, this is by design. It’s honestly gotten a little out of control from what he probably expected, but that’s all on him. He’s the one doing this and hopefully it can be undone, at least partially, after November. That would require super majorities, but here’s hoping…