Angry Old Many Demands Oil Companies Explain Lack Of Gasoline

The response should be interesting, since it involves a combination of shutting down exploration by Biden and the Left, shutting down refineries by Democrats, sanctions on Russia (which Biden worked hard to bait into invading Ukraine) and China’s coronavirus creating instabilities

Biden demands oil companies explain lack of gasoline as prices rise

U.S. President Joe Biden on Wednesday demanded oil companies explain why they aren’t putting more gasoline on the market, sharply escalating his rhetoric against industry as he faces pressure over rising prices.

Biden wrote to executives from Marathon Petroleum Corp, Valero Energy Corp, and Exxon Mobil Corp and complained they had cut back on oil refining to pad their profits, according to a copy of the letter seen by Reuters.

“At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable,” Biden wrote, adding the lack of refining was driving gas prices up faster than oil prices.

“The lack of refining capacity – and resulting unprecedented refinery profit margins – are blunting the impact of the historic actions my Administration has taken to address Vladimir Putin’s Price Hike and are driving up costs for consumers.”

The letter is also being sent to Phillips 66, Chevron Corp, BP and Shell, a White House official, who declined to be identified, told Reuters.

Wait, what was that part about refineries? Joe has an answer right there. The eco-extremists and climate nuts have worked hard to shut down refineries over the past 30+ years. There have been 2 refineries closed down in the past two years, as of April 22nd, 2022. A December 2021 article says 5 were closed down. Even Biden’s own EIA department notes this. Democrats won’t allow new ones to be built.

Biden has been intensifying attacks against oil companies in recent days as U.S. gas prices raced to record highs above $5 per gallon this past weekend and ahead of the summertime driving season.

Rising gas prices have helped drive unexpectedly persistent consumer price inflation and voter anger ahead of the Nov. 8 midterm elections where Biden’s Democratic Party is defending its control of Congress.

Does he think this will work? Blaming Putin didn’t work, nor any of his other Blamestorming.

Gas prices too high? It’s all part of Biden’s plan to eliminate fossil fuels

Gas prices have doubled since Biden took office. J.P. Morgan analysts predict $6 a gallon by August. And experts warn this crisis will continue even after Biden’s term ends because he’s dismantling fossil fuel production.

When Biden was running for president, he promised to shut down oil producers: “No ability for the oil industry to continue to drill, period.” He pledged to put the country on “an irreversible” path toward “doing away with” fossil fuels.

On Day One as president, Biden shut down the Keystone pipeline, sending a message of no new pipelines anywhere, period.

In the months that followed, he stopped all sales of leases to drill on federal lands or offshore, meaning zero new leases allowing oil to be brought out of the ground.

And in September, House Democrats introduced legislation to stop banks from lending money or investing capital for new or expanded fossil fuel production. That legislation hasn’t passed, but it sent a clear message. The oil industry is being shut down.

These were signals to the industry, investors, and the stock market, which helped drive up costs along with all the other reasons. At the root, the current gas spike is China’s fault for screwing around with coronaviruses and letting them get out, but, once it started, Biden ignored the issue and actually worked to make it worse.

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