UPDATED 9:55 AM PT – Wednesday, June 15, 2022
President Joe Biden has urged several top oil companies to ramp up production while taking aim at refiners for high profits amid soaring gas prices. In a letter to Exonn Mobil, Chevron and five other firms Wednesday, he said the companies must take immediate action to increase the gas and diesel supply.
Gas is over $5, rising quickly, and Biden’s response is to *mail a letter* to oil companies.
What embarrassing impotence from President Biden.
— Tom Cotton (@TomCottonAR) June 15, 2022
The President said refiners historically high profit margins are worsening the intense financial pain the American people are feeling. These remarks came after Biden recently accused oil companies of purposefully curbing supply to raise prices.
“Exxon made more money than God this year,” asserted the President. “Any by the way, nothing’s changed. One thing I want to say about the oil companies, they talk about how they have 9,000 permits to drill. They’re not drilling. Why aren’t they drilling? Because they make more money not producing more oil. The price goes up.”
Last week, President Biden blamed rising gas prices on America’s oil companies, claiming they don’t pay taxes & aren’t drilling enough oil.
Before that, he tried to blame rising prices on Putin.
The only place he hasn’t placed blame is where it belongs: his energy policies.
— Senator John Cornyn (@JohnCornyn) June 14, 2022
Biden also informed the companies the federal government is prepared to use all tools and emergency authorities to increase capacity as well as output in the near term.