Energy

Biden tells oil companies in letter ‘well above normal’ refinery profit margins are ‘not acceptable’

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President Joe Biden on Wednesday called on U.S. oil refining companies to produce more, saying they need to help alleviate the burden of high prices on consumers.

“At a time of war – historically high refinery profit margins being passed directly onto American families are not acceptable,” the president said in a letter to oil companies including Exxon Mobil and Chevron.

“[C]ompanies must take immediate actions to increase the supply of gasoline, diesel, and other refined product,” the letter added.

Biden’s call comes as sky-high energy costs add to inflationary concerns across the economy. The national average for a gallon of gas crossed $5 over the weekend for the first time on record,…



Source cnbc.com

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