Biden Threatens Oil Companies
Record high gas prices are hurting Americans, and now Biden is threatening to use a potentially authoritarian overreach of power.
From Fox Business. President Biden may resort to using emergency powers if American oil companies don’t increase output at their refineries, the president told oil CEOs in a series of letters Wednesday.
Biden’s statement blames oil companies for running “historically high profit margins” even as Americans experience surging gas prices. Biden has recently faced criticism for a lack of executive action aimed at curbing inflation.
“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….”
Biden sent letters to Marathon Petroleum Corp, Valero Energy Corp, ExxonMobil, Phillips 66, Chevron, BP and Shell….
Biden’s letter does not offer a timeline for when his administration would resort to emergency powers, threatening only to do so in the “near term….”
How are you praying for our economy and our gas prices? Share your thoughts and prayers below.
(Excerpt from Fox Business. Photo Credit: Getty Images)
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