Biden tells oil companies in letter 'well above normal' refinery profit margins are 'not acceptable'

President Joe Biden on Wednesday called on U.S. oil refining companies to produce more, saying they need to help alleviate the burden of high prices on consumers.

“At a time of war – historically high refinery profit margins being passed directly onto American families are not acceptable,” the president said in a letter to oil companies including Exxon Mobil and Chevron.

?[C]ompanies must take immediate actions to increase the supply of gasoline, diesel, and other refined product,” the letter added.

Biden’s call comes as sky-high energy costs add to inflationary concerns across the economy. The national average for a gallon of gas crossed $5 over the weekend for the first time on record, according to AAA.

The national average now stands at $5.014, which is 54 cents more than a month ago, and $1.94 more than last year.

Refiners can’t just ramp up output, and utilization rates are already above 90%. Additionally, some refiners are now being reconfigured to make alternate products like biofuel.

Refining capacity has dropped since the pandemic took hold, which is a factor in the rapid advance of fuel prices. Demand has returned as economies restart and people travel once again, but supply remains tight.

https://www.cityballetsf.org/profile/top-gun-maverick-full-movie-english/profile

https://c.realme.com/ph/post-details/1536971827493740544

https://www.cityballetsf.org/profile/top-gun-maverick-streaming-free-here-officially/profile

https://c.realme.com/ph/post-details/1536972218163798016

https://www.cityballetsf.org/profile/top-gun-maverick-full-film-no-uncut/profile

https://c.realme.com/ph/post-details/1536975110555873280

https://www.cityballetsf.org/profile/download-top-gun-maverick-engsub/profile

https://c.realme.com/ph/post-details/1536975866373611520

https://www.cityballetsf.org/profile/top-gun-maverick-free-online-dvd/profile

https://c.realme.com/ph/post-details/1536976510635520000

https://www.cityballetsf.org/profile/jurassic-world-dominion-full-movie-english/profile

https://c.realme.com/ph/post-details/1536977481918849024

https://www.cityballetsf.org/profile/jurassic-world-dominion-streaming-free-here-officially/profile

https://c.realme.com/ph/post-details/1536978181608484864

https://www.cityballetsf.org/profile/jurassic-world-dominion-full-film-no-uncut/profile

https://c.realme.com/ph/post-details/1536978900742840320

https://www.cityballetsf.org/profile/download-jurassic-world-dominion-engsub/profile

https://c.realme.com/ph/post-details/1536979436414218240

https://www.cityballetsf.org/profile/jurassic-world-dominion-free-online-dvd/profile

https://c.realme.com/ph/post-details/1536979965102006272

https://www.cityballetsf.org/profile/dragon-ball-super-super-hero-full-movie-english/profile

https://c.realme.com/ph/post-details/1536981011975155712

https://www.cityballetsf.org/profile/dragon-ball-super-super-hero-streaming-free-here-officially/profile

https://c.realme.com/ph/post-details/1536981591783157760

https://www.cityballetsf.org/profile/dragon-ball-super-super-hero-full-film-no-uncut/profile

https://c.realme.com/ph/post-details/1536982128981188608

https://www.cityballetsf.org/profile/download-dragon-ball-super-super-hero-engsub/profile

https://c.realme.com/ph/post-details/1536983211317178368

https://www.cityballetsf.org/profile/dragon-ball-super-super-hero-free-online-dvd/profile

https://c.realme.com/ph/post-details/1536983890932801536

https://www.cityballetsf.org/profile/doctor-strange-in-the-multiverse-of-madness-full-movie-english/profile

https://c.realme.com/ph/post-details/1536985503659466752

https://www.cityballetsf.org/profile/doctor-strange-in-the-multiverse-of-madness-streaming-free-here-officially/profile

https://c.realme.com/ph/post-details/1536986209325985792

https://www.cityballetsf.org/profile/doctor-strange-in-the-multiverse-of-madness-full-film-no-uncut/profile

https://c.realme.com/ph/post-details/1536986808167702528

https://www.cityballetsf.org/profile/download-doctor-strange-in-the-multiverse-of-madness-engsub/profile

https://c.realme.com/ph/post-details/1536987356048699392

https://www.cityballetsf.org/profile/doctor-strange-in-the-multiverse-of-madness-free-online-dvd/profile

https://c.realme.com/ph/post-details/1536987964004675584

https://www.cityballetsf.org/profile/the-bob-s-burgers-movie-full-movie-english/profile

https://c.realme.com/ph/post-details/1536989019681595392

https://www.cityballetsf.org/profile/the-bob-s-burgers-movie-streaming-free-here-officially/profile

https://c.realme.com/ph/post-details/1536989626710667264

https://www.cityballetsf.org/profile/the-bob-s-burgers-movie-full-film-no-uncut/profile

https://c.realme.com/ph/post-details/1536990161085931520

https://www.cityballetsf.org/profile/download-the-bob-s-burgers-movie-engsub/profile

https://c.realme.com/ph/post-details/1536990752470212608

https://www.cityballetsf.org/profile/the-bob-s-burgers-movie-free-online-dvd/profile

https://c.realme.com/ph/post-details/1536991332072730624

https://www.cityballetsf.org/profile/lightyear-full-movie-english/profile

https://c.realme.com/ph/post-details/1536992863622836224

https://www.cityballetsf.org/profile/lightyear-streaming-free-here-officially/profile

https://c.realme.com/ph/post-details/1536993452381446144

https://www.cityballetsf.org/profile/lightyear-full-film-no-uncut/profile

https://c.realme.com/ph/post-details/1536994228482875392

https://www.cityballetsf.org/profile/download-lightyear-engsub/profile

https://c.realme.com/ph/post-details/1536994911428812800

https://www.cityballetsf.org/profile/lightyear-free-online-dvd/profile

https://c.realme.com/ph/post-details/1536995505543585792

https://www.cityballetsf.org/profile/elvis-full-movie-english/profile

https://c.realme.com/ph/post-details/1537007852794458112

https://www.cityballetsf.org/profile/elvis-streaming-free-here-officially/profile

https://c.realme.com/ph/post-details/1537008479977086976

https://www.cityballetsf.org/profile/elvis-full-film-no-uncut/profile

https://c.realme.com/ph/post-details/1537009049890725888

https://www.cityballetsf.org/profile/download-elvis-presley-engsub/profile

https://c.realme.com/ph/post-details/1537010132033740800

https://www.cityballetsf.org/profile/elvis-presley-free-online-dvd/profile

https://c.realme.com/ph/post-details/1537027748446085120

https://www.cityballetsf.org/profile/spiderhead-full-movie-english/profile

https://c.realme.com/ph/post-details/1537029089780346880

https://www.cityballetsf.org/profile/spiderhead-streaming-free-here-officially/profile

https://c.realme.com/ph/post-details/1537029590731239424

https://www.cityballetsf.org/profile/spiderhead-full-film-no-uncut/profile

https://c.realme.com/ph/post-details/1537030296586428416

https://www.cityballetsf.org/profile/download-spiderhead-engsub/profile

https://c.realme.com/ph/post-details/1537030918924673024

https://www.cityballetsf.org/profile/spiderhead-free-online-dvd/profile

https://c.realme.com/ph/post-details/1537031848537628672

https://www.cityballetsf.org/profile/thor-love-and-thunder-full-movie-english/profile

https://c.realme.com/ph/post-details/1537033274894589952

https://www.cityballetsf.org/profile/thor-love-and-thunder-streaming-free-here-officially/profile

https://c.realme.com/ph/post-details/1537033923958939648

https://www.cityballetsf.org/profile/thor-love-and-thunder-full-film-no-uncut/profile

https://c.realme.com/ph/post-details/1537034460133634048

https://www.cityballetsf.org/profile/download-thor-love-and-thunder-engsub/profile

https://c.realme.com/ph/post-details/1537035028587618304

https://www.cityballetsf.org/profile/thor-love-and-thunder-free-online-dvd/profile

https://c.realme.com/ph/post-details/1537035546743545856

https://www.cityballetsf.org/profile/brian-and-charles-full-movie-english/profile

https://c.realme.com/ph/post-details/1537037537574170624

https://www.cityballetsf.org/profile/brian-and-charles-streaming-free-here-officially/profile

https://c.realme.com/ph/post-details/1537038136080343040

https://www.cityballetsf.org/profile/brian-and-charles-free-online-dvd/profile

https://c.realme.com/ph/post-details/1537038745957347328

https://www.cityballetsf.org/profile/the-black-phone-full-movie-english/profile

https://c.realme.com/ph/post-details/1537039730687614976

https://www.cityballetsf.org/profile/the-black-phone-streaming-free-here-officially/profile

https://c.realme.com/ph/post-details/1537040327495131136

https://www.cityballetsf.org/profile/the-black-phone-free-online-dvd/profile

https://c.realme.com/ph/post-details/1537041350712406016

https://www.cityballetsf.org/profile/one-piece-film-red-full-movie-english/profile

https://c.realme.com/ph/post-details/1537042200855846912

https://www.cityballetsf.org/profile/one-piece-film-red-streaming-free-here-officially/profile

https://c.realme.com/ph/post-details/1537042936029257728

https://www.cityballetsf.org/profile/one-piece-film-red-free-online-dvd/profile

https://c.realme.com/ph/post-details/1537043423998779392

http://cpp.sh/6xdv7

https://dotnetfiddle.net/DlEcs7

https://dotnetfiddle.net/dcmde9

https://paste.rs/ZOk

https://paiza.io/projects/ShCl1FLNoEDG1FmWTVH3oA?language=c

https://paiza.io/projects/N0RB98Q8NBzhAX_ag8BpZQ?language=php

https://pastebin.com/np46XKeN

https://pastelink.net/fzgtl0cq

https://ide.geeksforgeeks.org/9b3cb5fc-d447-44e1-a8a0-f3fd68505e65

https://p.teknik.io/LzVLU

https://pasteio.com/xTcVvMfln5vk

https://paste2.org/p5a72GaI

https://www.geany.org/p/jqiwE/

https://txt.fyi/-/22165/3f7bef85/

https://jsfiddle.net/kepinajach/g9hty0qv/

https://www.onfeetnation.com/profiles/blogs/asdjljafuoufajjfajlajadd

https://webhitlist.com/profiles/blogs/cadk8jauhlicdoa

https://www.onfeetnation.com/photo/albums/joe-biden-on-wednesday-called-on-u-s-oil-refining-companies

https://caribbeanfever.com/photo/albums/biden-said-that-his-administration-is-prepared-to-use

http://allabouturanch.com/forum/topics/the-national-average-now-stands-at-5-014

http://beterhbo.ning.com/forum/topics/companies-must-take-immediate-actions-to-increase-the-supply-of

http://beterhbo.ning.com/profiles/blogs/biden-tells-oil-companies-in-letter-well-above-normal

https://elouise.cookpad-blog.jp/articles/728760

https://star.shivtr.com/forum_threads/3691034

https://vocus.cc/article/62a9eceefd897800019c8e9c

https://ryuudeclen.cgsociety.org/putq/joe-biden-on-wednesd

https://app.roll20.net/users/10613074/biden-noted-in-his-letter-that-the-refining-shortage

https://kuula.co/post/n1/collection/7vXWJ

https://westseattleblog.com/forums-2/users/bidens-call-comes-sky-high-energy/

https://www.atoallinks.com/2022/joe-biden-letter-was-also-addressed-to-global-giants-bp-and-shell/

https://velozity.org/news-update/companies-immediate-actions-to-increase-the-supply-of-gasoline-and-diesel

https://www.daoholistictherapy.com/biden-said-companies-need-to-work-with-my-administration/

https://1source.basspro.com/user/biden-said-loss-russian-refined-products-has-exacerbated-imbalance

https://shilohanewbeginningapostolicministry.com/community/profile/biden-says-unprecedented/

https://gazzlele.com/community/profile/bidens-oil-prices-initially/

‘Global challenge’

Loss of Russian refined products has exacerbated the imbalance, with Europe now looking elsewhere for fuel.

Biden said that his administration is prepared to use “all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term.”

Biden noted in his letter that the refining shortage is a “global challenge and global concern,” with around 3 million barrels per day of global capacity offline since the start of the pandemic.

Still, he pointed to the “unprecedented disconnect between the price of oil and the price of gas.”

“Since the beginning of the year, refiners’ margins for refining gasoline and diesel have tripled, and are currently at their highest levels ever recorded,” he said.

Biden noted that the last time oil was trading at $120 per barrel the average price of gas at the pump was about $4.25 per gallon.

Oil prices initially fell after Biden’s letter was released, but West Texas Intermediate, the U.S. benchmark, is nearly flat, trading just under $119.

The president’s letter was also addressed to global giants BP and Shell, as well as refiners Marathon Petroleum, Valero Energy and Phillips 66. Shares of Exxon, Chevron and the refiners were all down slightly in premarket trading.

“The crunch that families are facing deserves immediate action. Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis,” Biden said.

‘Nothing left to ramp up’

Still, there is no easy solution. John Kilduff, partner at Again Capital, said refiners are working at historically high level.