President Biden stepped up his rhetoric against oil companies Wednesday, telling the seven major refiners their profit margins were “well above normal” and demanding that …
President Biden stepped up his rhetoric against oil companies Wednesday, telling the seven major refiners their profit margins were “well above normal” and demanding that they explain themselves to the White House.
“[A]t a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable,” Biden wrote in a letter to Exxon Mobil CEO Darren Woods. Similar letters were dispatched to the heads of Chevron, Shell, Phillips 66, BP, Marathon and Valero.
“Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis and respect the critical equities of energy workers and fence-line communities,” the president added in the Woods letter, before calling on the refiner to detail “any reduction in your refining capacity since 2020 and 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.
