Sent a letter to CEOs with expectations.
President Biden told the CEOs of the nation’s major oil companies in a letter that he is considering invoking emergency powers to boost U.S. refinery output. The letter was sent to the heads of Exxon Mobil, Chevron, BP America, Shell USA, Phillips 66, Marathon, and Valero.
In the letter, he called on the companies to boost refinery output and address the record-high price of gasoline and diesel. The president also highlighted the companies’ historically high profit margins in the last two quarters and asked them to explain their reduction in oil refining production to Energy Secretary Jennifer Granholm.
“The crunch that families are facing deserves immediate action,” President Biden wrote. “Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis and respect the critical equities of energy workers and fence-line communities.”
Gasoline prices at the pump on the national average have risen above $5 per gallon, widening inflation.
As the Lord Leads, Pray with Us…
- For the president and the leaders of the oil and gas industry to be wise and creative in dealing with the current market and economic conditions.
- For U.S. officials to be discerning in their approach to energy and fuel production.
Sources: Axios, Washington Examiner
