US President Joe Biden on Wednesday asked the Secretary of Energy to hold an emergency meeting on oil refining capacity.
Biden, in a letter, demanded that oil companies explain why they are not putting more gasoline on the market, strongly escalating their rhetoric against the industry.
Key comments
“In times of war, it is not acceptable that refinery profit margins, well above normal, be passed directly to American families“.
“The lack of refining was driving up the price of gasoline faster than the price of oil.”
“The lack of refining capacity – and the resulting record refinery profit margins – are blunting the impact of the historic steps my Administration has taken to deal with Vladimir Putin’s price hikes and driving up costs. for the consumers.”
Source: Fx Street
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