Biden attacked a number of oil refineers at high oil prices. The United States Petroleum Association: Obviously it is the White House's fault

According to the US Broadcasting Corporation (ABC) reported on June 16, US President Bynden Biden wrote to seven major domestic oil refining companies on Wednesday, accusing them of gaining a record profit during the Russian and Ukraine conflict, while the American people at the gas station were creating a record. Buy high oil prices. In this regard, the US Petroleum Association (API) said that high oil prices should be attributed to the "wrong policy" of the White House.

Picture source: Associated Press

In the letter, Biden said he had ordered US Energy Minister Jennifer Granholm to hold an emergency meeting with senior executives of various companies to give them explanations to the decline in refining capacity since 2020.

It is reported that while Bynden acknowledged the decline in global oil supply, he pointed out that the profit margins of these American oil companies are at the highest level ever. He wrote in the letter, "In March, the price of crude oil was about $ 120 per barrel, and the gasoline price of gasoline at gas stations was $ 4.25 per gallon. Today, gasoline prices have risen 75 cents, and diesel prices have risen by 90 cents. This difference is because the profit margin of refining petroleum into gasoline, diesel and other refined products is at a historical high. Since the beginning of this year, the profit margin of refiners has doubled the profit margin of gasoline and diesel The highest level. "

Picture source: Reuters

In the letter, Biden also accused these companies of "exacerbating" the pain brought by the Ukraine conflict to Americans. He wrote, "I understand that many factors have contributed to the commercial decisions of reducing the production capacity of refining companies before taking office. However, during the war, the profit margin of the refining company that would be far higher than the normal level was unacceptable to American families. There is no doubt that Putin is responsible for the huge economic pain that the American people and their families.

It is reported that Biden hinted that if these companies do not increase their output, the US government will take action, although he does not explain what consequences will face if these companies do not follow his requirements.

It is reported that this letter from Biden was sent to the marathon oil company, Valero Energy, ExxonMobil, Philips 66, Chevron, BP (formerly British Petroleum Corporation) and shell.

Picture source: Reuters

According to US media, in response, the US Petroleum Association (API), which represents the petroleum industry, said that the responsibility of high oil prices should be attributed to the White House. Increase energy costs in the domestic market.

Mike Sommers, chairman of the association, said in a statement, "Although we are grateful to have a chance to have more dialogue with the White House, the government is trying to get rid of the wrong policy of domestic oil and natural gas and intensify The inflation pressure and the daily efforts to reduce emissions to the increasing energy demand at the same time to meet the growing energy needs of the company to add resistance. "

At the same time, he urged President Biden to "give priority to the release of US energy resources" to reduce domestic prices without choosing to increase the energy dependence of the United States to Saudi Arabia and other countries.

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