Biden Blasts Oil Giants’ Profits In Letter To CEOs

CNBC reports:

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 and Chevron.

″Companies 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, according to AAA.

Read the full article.