(RightIsRight.co) – Earlier today, President Joe Biden sent a letter to the executives of all the major oil and gas companies in the United States of America, threatening to take federal action against them if they don’t increase refinery output of the supply of gasoline as a means to lower the price.
As the Daily Caller notes, “Biden warned the leaders of seven major U.S. oil producers and refiners — ExxonMobil, Chevron, BP America, Shell USA, Phillips 66, Marathon, and Valero — that he was ‘prepared to use all reasonable and appropriate Federal Government tools and emergency authorities’ to increase petroleum refinery capacity and output, according to the letter obtained by Axios.”
In part, Biden wrote:
“I understand 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.
“With prices for your product where they are today, you have ample market incentive to take these actions, and I recognize that some of you have already begun to do so.” [emphasis added]
The American Fuel & Petrochemical Manufacturers, which represents many oil and gas companies, issued the following statement in response to Biden’s letter:
“We are surprised and disappointed by the President’s letter. Our team at AFPM has been working closely with the Administration—as recently as this week—providing industry insights and policy recommendations to address the global energy challenge. Any suggestion that U.S. refiners are not doing our part to bring stability to the market is false.
“We would encourage the Administration to look inward to better understand the role their policies and hostile rhetoric have played in the current environment.” [emphasis added]
What is your reaction to Joe Biden threatening oil companies over the price of gasoline? Do you believe the oil and gas companies are intentionally hiking the price of gasoline to make larger profits? Why or why not? Please share your thoughts and views by emailing [email protected]. Thank you.