President Joe Biden's letter to executives at Valero and other oil refiners called soaring profits 'unacceptable' amid high gas prices.
, that would have cost $17 in gas a year ago will cost around $32 today.
Valero produced an average of 2.8 million barrels of gas per day in the first quarter this year, 16% higher than the first quarter last year but still less than the 2.9 million it produced in the first quarter of 2019. However, the company has taken some steps to increase output. It recently canceled a planned month-long shutdown of a crude unit at its Memphis, Tennessee, refinery,Tight supply and renewed demand have driven strong financials for Valero, San Antonio’s largest publicly traded company.
Biden’s letter said the principal cause for high gas prices was Russian President Vladimir Putin’s war on Ukraine. Western countries’ restrictions on Russian oil imports, including a total ban in the United States, have strained supply at a time when demand is rising amid a waning pandemic and summer travel season., as it was the United States’ biggest importer of Russian oil, accounting for one-eighth of the company’s supply.
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