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Biden tells oil refiners: Produce more gas, fewer profits

Biden Policing
Posted at 4:17 AM, Jun 15, 2022
and last updated 2022-06-15 07:17:12-04

President Joe Biden is calling on U.S. oil refiners to produce more gasoline and diesel.

In a draft letter to refiners, Biden says their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record-high prices at the pump. Biden writes that the oil companies need to work with his administration to bring forward "near-term solutions that address the crisis.”

Gas prices nationwide are averaging roughly $5 a gallon. That's an economic burden for many Americans and a political threat for the president’s fellow Democrats going into the midterm elections.

Biden's message that corporate greed is contributing to higher prices might resonate with voters.

While the stock market as a whole has struggled amid high inflation, many oil companies continue to report strong figures.