Biden orders oil companies to explain why they're cutting gas production as prices soar above $5/gal

[In It to Win It]

Business Insider via Yahoo News

President Joe Biden has demanded oil companies explain why they are cutting gasoline production in a letter viewed by Reuters, as prices soar to record highs right in the middle of the summer driving season.

In the letter written to gas companies including Marathon Petroleum, Valero Energy, Exxon, Phillips 66, Chevron, BP, and Shell, Biden criticized them for cutting back on oil refining to rake in higher profits.

"At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable," Biden said.

He added: "The lack of refining capacity - and resulting unprecedented refinery profit margins - are blunting the impact of the historic actions my Administration has taken to address Vladimir Putin's Price Hike and are driving up costs for consumers."

Energy costs are dramatically rising in the US, partly as a result of Russia's war against Ukraine. Average gas prices in the US hit a record high of $5 a gallon for the first time, data from the AAA shows, up about 63% from the same time last year. US crude oil, meanwhile, has surged 82% in the same time.

[Ferrets are Cool]

1. Where are the Congressional hearings?

[BComplex]

2. Democratic candidates need to HAMMER this during the election.

We have all the facts! We have to keep hammering on the fact that it is REPUBLICANS that are allowing this crap just to sabotage the democrats.

"Elect republicans, get this crap, over and over."

[intheflow]

5. Perhaps they don't want to distract from the J6 hearings.

Or feel stretched thin by them.

[BumRushDaShow]

9. I posted a link to one in April

https://energycommerce.house.gov/committee-activity/hearings/hearing-on-gouged-at-the-gas-station-big-oil-and-americas-pain-at-the

The big wigs were directed to provide a big pile of docs when the hearing was done.

(I posted it in Video & Multimedia and didn't get much interest )

[Miguelito Loveless]

3. In order to drive the price to $6.00 a gallon

Duh!

[rockfordfile]

4. Fossil fuel companies are price gouging Americans.

Americans are seeing just how un-American and corrupt oil companies are. Oil companies have decided to be anti-American, anti-democracy and pro-putin.

[usonian]

6. Because

[gratuitous]

7. Oil companies are making too much money shipping product overseas

Domestic refineries aren't getting enough oil to work with because Exxon and Chevron and all the others can make more money shipping American oil around the world.

For folks all mad about high prices at the pump, be sure you're mad at the right people.

[The Protagonist]

8. I think some serious discussions need to be had about nationalizing the industry

It is not unprecedented. It has been done before. And right now the country is being held hostage by a very hostile (and very Republican) oil industry.

[Eliot Rosewater]

10. It is a twofer

Gas is over $5 a gallon right now.

The last time a barrel of crude oil cost this much was in July 2014. At that point a gallon of gas only cost about $3.54.

Let’s be clear: Oil companies don’t need to be charging this much for gas. They’re just doing it to make excess profits.

Link to tweet

?s=20&t=8kSC1MLI2TqXhsHfIjj9AQ


It is a twofer for the oil pricks. They can destroy the Democratic Party and Joe and gouge us at the same time. Getting rid of politicians who want to stop them from killing us all is all that matters to them.