Biden asked oil companies how global refinery profit margins could be well above normal during “a time of war,” emphasizing that passing the costs onto American families is “not acceptable.”
partially on Vladimir Putin’s war against Ukraine, saying that it has disrupted the global supply of oil, making it harder to refine more oil into gas. But the president also said that refinery companies played a role in raising prices at the pump.
He noted that gas and diesel prices are significantly higher now than they were three months ago, in spite of the price of oil staying relatively the same. The high increases were “the result of the historically high profit margins for refining oil into gasoline, diesel and other refined products,” Biden said.
Biden’s letter to oil refinery companies didn’t reference any of the numerous solutions that progressives have called for. Sen. Bernie Sanders and other climate advocates, for example,, to discourage them from imposing artificially inflated prices on consumers.
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