US President Joe Biden demanded that American oil and gas companies explain the reasons for the price increase and the decrease in the volume of supplies of their products on the domestic market.
The lack of refining capacity and the unprecedented refining profits it leads to weaken the impact of my administration’s historic actions to combat … price increases, they also increase prices for consumers,” the American president wrote in a letter to companies.
The US President sent a letter demanding to explain why companies do not supply more energy resources to the market, including companies such as Exxon Mobil, Valero Energy, Chevron, Marathon Petroleum, as well as Shell and BP operating in the US, Reuters reports.
It is noted that despite the fact that Biden linked the increase in fuel prices in the United States with Western sanctions against Russian energy resources, recently he has increasingly accused local oil companies of actions that lead to price increases. Biden called on companies to present “concrete ideas” on the possibility of increasing the supply of products and explain why the volumes were reduced.
Energy Minister Jennifer Granholm plans to hold an emergency meeting and discuss how oil refiners can contribute to lower prices.
Earlier, Biden accused American oil companies of chasing super profits at the expense of citizens who are forced to pay a record price for gasoline. According to the US president, oil companies do not pay taxes and do not invest, but should start doing both. Also, according to the head of state, although oil companies have 8 thousand permits for the development of fields, they do not engage in this activity, because they earn more money without producing more oil, due to rising prices.
Gasoline prices in the United States earlier reached another record, exceeding $ 6 per gallon of fuel for the first time in history
The letter from Joe Biden was received by the heads of major oil companies: Marathon Petroleum Corp, Valero Energy, Exxon Mobil Corp, Phillips 66, Chevron Corp and Shell.