He accuses them of “exacerbating” the suffering Vladimir Putin has caused the American people with “historic refinery profit margins” that are unusually high.
There is no campaign in the world that can defend itself against the bombardment of inflation advertisements representing gas station posters in the United States. One by one, they stand out conspicuously at the side of the road to remind drivers that under the mandate of Joe Biden’s prices have skyrocketed.
“Covid has gone down, but gasoline has gone up,” the president admitted in a speech to unions on Tuesday. All of his efforts to manage the pain of the pandemic may have had a boomerang effect on the economy by driving inflation, some economists say. Others blame the war in Ukraine and the greed of the energy sector. The White House appears to be one of the last.
On Wednesday, the Associated Press agency released a letter that the president has sent to the country’s seven major oil companies. In it, he accuses them of “exacerbating” the suffering Vladimir Putin has caused the American people with “historic refinery profit margins” that are unusually high. If that greed has caused inflation to break the record set for the past 40 years, the president is willing to put a stop to it.
In the letter, he warns that he is prepared to invoke emergency powers “and any measures reasonably appropriate” to increase the production and extractive capacity of refineries in the near term and to ensure that every region of the country is adequately supplied. . “Your companies have the opportunity to take immediate action to increase the flow of gasoline, diesel and other refined products you produce,” he said.
The recipients – Chevron, BP, Shell, ExxonMobil, Phillips 66, Valero Energy Corp and Marathom Petroleum Corp – have not yet responded. The president’s order is clear: “Your companies must work with my administration to present concrete short-term solutions to face this crisis.”
As proof, the president reminds them that last March the price of a gallon was $4.25 dollars, while a barrel of oil was $120 dollars. This Wednesday, at $119 barrel, the national average for gasoline rose to $5,016 a gallon, according to AAA data. That difference, according to the president’s accounts, reflects the shortfall caused by the half-gas refinery work and profit margins “the highest ever recorded.”
The American Petroleum Institute, which represents U.S. industry, has hit back, blaming the Biden administration’s energy policies, which, as part of its fight against climate change, are seeking to move away from fossil fuels and electric vehicles and use renewable energy. stimulate. These ‘wrong’ policies are forcing gas emissions to cut, but they’ve also made the industry think it’s time to maximize profits, as society may not be as interested in what its resources store in the next decade.
Source: La Verdad
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