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Biden threatens oil companies as gasoline prices soar

President Biden is making sure the country knows that everyone except for him is to blame for inflation and sky-high gasoline prices.

He accused oil companies of making a profit, which is actually legal in the United States, at least for now.

According to the Wall Street Journal:

President Biden urged U.S. oil refiners to expand capacity and accused the companies of profiteering as the public pays record prices at the pump, in the latest effort by the Biden administration to combat soaring gasoline prices.

“There is no question Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,” Mr. Biden wrote in a letter sent Wednesday to seven major U.S. oil refiners. “But at a time of war, refinery profit margins well above normal being passed directly onto Americans are unacceptable.”

The president called on the companies to take immediate action to increase the supply of gasoline, diesel and other refined products. He said his administration was prepared to use its emergency authorities to increase capacity in the near term, if necessary.

Mr. Biden added that he had directed Energy Secretary Jennifer Granholm to hold an emergency meeting and to engage with the National Petroleum Council, an advisory committee that represents the oil industry.

“We see it as a patriotic duty,” White House press secretary Karine Jean-Pierre said on Wednesday, ramping up pressure on the companies to boost capacity. Asked what measures the Biden administration might take if the companies don’t take sufficient action, she said Mr. Biden would weigh using the Defense Production Act, but declined to offer additional details.

5 thoughts on “Biden threatens oil companies as gasoline prices soar”

  1. He wants his 10% first! Haha

    Supply and demand. A new refinery hasn’t been built in decades.

    The demand for gas is there, but the capacity to refine isn’t.

    Another clown speech by a clown administration!

  2. Single-handedly collapsed our independent energy system.
    And then he blames big oil.
    Last month, MAY 2022, Biden cancelled oil permits in the gulf and in Alaska.
    We should make him walk to the beach each week.

  3. I don’t recall seeing Vladimir Putin signing an executive order to cancel the Keystone Pipeline, nor do I recall seeing Putin at my local grocery store hiking up the prices, and Putin didn’t didn’t say he was going to end all use of fossil fuels on the campaign trail.

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