‘Not Acceptable’: Biden Demands Answers From Oil Companies on Gas Prices
President Joe Biden penned a letter to the heads of oil companies calling on them to take action on gas prices. Mediaite obtained the letter showing the president asking the oil companies for answers on the issue…
President Joe Biden penned a letter to the heads of oil companies calling on them to take action on Gas Prices.
Mediaite obtained the letter showing the president asking the oil companies for answers on the issue.
“(T)he sharp rise in gasoline prices is not driven only by rising oil prices, but by an unprecedented disconnect between the price of oil and the price of gas,” Biden said in his letter to the heads of Marathon Petroleum Corp, Valero Energy Corp, ExxonMobil, Phillips 66, Chevron, BP, and Shell.
He added, “The last time the price of crude oil was about $120 per barrel, in March, the price of gas at the pump was $4.25 per gallon. Today, Gas Prices are 75 cents higher, and diesel prices are 90 cents higher.”
Biden acknowledged “that many factors contributed to the business decisions to reduce refinery capacity, which occurred before I took office. But at a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable.”
He requested the heads of the companies “provide the Secretary with an explanation of any reduction in your refining capacity since 2020, and any 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.”
Concluding his letter, Biden said, “I appreciate your immediate attention to this issue and your efforts to mitigate the economic challenges that Vladimir Putin’s actions have created for American families.”
Fox News reported on Tuesday that Gas Prices remain at a record high of $5.01 per gallon.
AAA spokesperson Andrew Gross told the outlet, “The high price of oil coupled with high domestic demand is keeping these Gas Prices elevated for consumers.”
During an appearance on “Jimmy Kimmel Live!” Biden blamed the oil companies for the high prices.
“Oil companies, instead of everybody, says, ‘Well, Biden won’t let them drill.’ They have 9,000 drilling sites that they already own that are there. They’re not doing it,” Biden said.
He continued, “You know why? Because they make more money not drilling and buying back their own stock.”
Fox News contributor and The King’s College economics professor Brian Brenberg reacted to Biden’s remarks, saying, “Nobody’s listening to him at all on this because it’s so obvious.”
He added, “All these same oil companies who apparently can’t get it together now, boy, they could get it together under President Trump, couldn’t they?”
Additionally, on Tuesday, Biden stressed his top priority is fighting inflation.
He recognized inflation is “sapping the strength of a lot of families.”
The president explained, “The problem is Republicans in Congress are doing everything they can to stop my plans to bring down costs on ordinary families. That’s why my plan is not finished and why the results aren’t finished either.”
Correction :Previously, this story inaccurately quoted Biden saying it is “unacceptable” in the headline. We have corrected the error.