Biden: "Where's the gas, man?"
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Biden demands oil companies explain lack of gasoline
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.
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.
I don't know how much of it is due to this stuff, but it's...curious.
Biden’s plan to cancel Keystone pipeline signals a rocky start with Canada.
—The Washington Post, January 19th, 2021.
Biden pulls 3 offshore oil lease sales, curbing new drilling this year.
—The Washington Post, May 12th.
—The Washington Post, February 28th.
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I don't think any of those things have a significant effect on our current supply of gasoline. They DO, however, have an immediate effect on how much investment domestic producers are willing to put into new sources, or even existing ones.
He's doing about all he can by going and
bribingbegging the Saudis to increase production. -
From an industry guy I follow - the biggest issue is we are exporting about 25% of our gasoline (i.e. refined stuff) out of the country - AND best of all, it isn't to Europe to help with shortages there, it is to Mexico and Latin America based on his review of oil industry contracts.
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From an industry guy I follow - the biggest issue is we are exporting about 25% of our gasoline (i.e. refined stuff) out of the country - AND best of all, it isn't to Europe to help with shortages there, it is to Mexico and Latin America based on his review of oil industry contracts.
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From an industry guy I follow - the biggest issue is we are exporting about 25% of our gasoline (i.e. refined stuff) out of the country - AND best of all, it isn't to Europe to help with shortages there, it is to Mexico and Latin America based on his review of oil industry contracts.
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You have to wonder though, between Venezuela and Mexico, why they don't build their own refineries.
@Mik said in Biden: "Where's the gas, man?":
You have to wonder though, between Venezuela and Mexico, why they don't build their own refineries.
Corruption and inefficient.
Venezuela has/had PdVSA, which did a lot of refineries there. When President Chavez took over, fired a lot of the PdVSA technical staff.
Mexico has PEMEX. Same type of situation.
Nigeria. Leading oil producer but has to import finished products!
etc etc. It is sad.
