The The US Department of Energy has requested to meet with the refiners to discuss prices no later than June 21.reports Reuters citing sources with knowledge of the matter.
The sources also reported that the US Secretary of Energy has requested a meeting with refining executives on gas prices no later than June 21.
This occurs after US President Joe Biden wrote to energy refiners on Wednesday asking them to explain why they are not putting more fuel on the market while making windfall profits. Biden is under immense political pressure because of sky-high gasoline prices.
Exxon Mobilin response to repeated requests from the US administration, said:
“We have been investing during the recession to increase refining capacity… we continue to invest even during the pandemicwhen we lost over $20 billion and had to borrow over $30 billion to maintain investment and increase capacity to prepare for post-pandemic demand.”
Source: Fx Street
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