President Joe Biden called on major U.S. oil refiners to “take immediate actions to increase the supply of gasoline, diesel and other refined product.” Biden asked the companies to provide explanations for any reductions in refining capacity since 2020.
Democratic-run Washington is continuing to make an effort to address high gasoline prices, with President Joe Biden targeting refiners and a top senator taking aim at oil companies’ profits through an upcoming bill.
“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,” the president wrote in the letters, which the White House released Wednesday, saying they went to Marathon MRO, -2.50%, Valero VLO, -4.07%, Exxon Mobil XOM, -1.26%, Phillips 66 PSX, -1.68%, Chevron CVX, -1.96%, BP BP, +0.
“While Americans are paying through the nose at the gas pump, Big Oil is raking in record profits, rewarding their CEOs and shareholders with stock buybacks, and using special tax loopholes to dodge paying taxes. I have a plan to end their profiteering at the expense of consumers,” said Wyden, who chairs the Senate Finance Committee, in a tweet on Wednesday.
“I reinforced in a letter to President Biden and his Cabinet yesterday ten meaningful policy actions to ultimately alleviate pain at the pump and strengthen national security, including approving critical energy infrastructure, increasing access to capital, holding energy lease sales, among other urgent priorities. Ahead of his travel to the Middle East next month, we urge the President to prioritize unlocking U.S.
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