Still refusing to look in the mirror, President Joe Biden has written a series of angry letters to oil CEOs, threatening to use emergency powers if they don’t stop chasing “historically high profit margins.”
Biden has faced harsh criticism for his do-nothing, hands-off approach to the gas crisis —strongly-worded letters aren’t likely to make much difference.
“There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,” Biden wrote. “But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.”
“Your companies and others have an opportunity to take immediate actions to increase the supply of gasoline, diesel and other refined product you are producing,” he continued. “My 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, and to ensure that every region of this country is appropriately supplied.”
According to Fox News, Biden sent letters to Marathon Petroleum Corp, Valero Energy Corp, ExxonMobil, Phillips 66, Chevron, BP and Shell.
“The letters come one day after Biden ordered the sale of another 45 million barrels of crude oil from the U.S. Strategic Oil Reserve,” Fox Reports.
Senator Tom Cotton (R-AR) shared his thoughts about the letters on Twitter.
“Biden promised to end drilling & enacted policies to restrict oil. But now he mails a letter to oil firms complaining they’re not drilling enough? This isn’t just incoherence—it’s chaos.”
Biden promised to end drilling & enacted policies to restrict oil.
But now he mails a letter to oil firms complaining they're not drilling enough?
This isn't just incoherence—it's chaos.
— Tom Cotton (@TomCottonAR) June 15, 2022