Biden lashed out at oil companies, saying they are making excessive profits when people are feeling the crunch of skyrocketing costs at the pump and inflation. But Biden said he would not be meeting the oil executives himself.The Biden administration has already released oil from the U.S. strategic reserve and increased ethanol blending for the summer, in additional to sending a letter last week to oil refiners urging them to increase their refining capacity.
The Penn Wharton Budget Model released estimates Wednesday showing that consumers saved at the pump because of gas tax holidays in Connecticut, Georgia and Maryland. The majority of the savings went to consumers, instead of service stations and others in the energy sector.
Former Treasury Secretary Larry Summers told NBC’s “Meet the Press” on Sunday that in his estimation, “the dominant probability would be that by the end of next year we would be seeing a recession in the American economy.” Biden said he spoke with Summers, who served as treasury secretary in the Clinton administration, on Monday morning.Note to readers: if you purchase something through one of our affiliate links we may earn a commission.
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Biden says decision on gas tax holiday may come this weekPresident Joe Biden said Monday that he's considering a federal holiday on the gasoline tax, possibly saving U.S. consumers as much as 18.4 cents a gallon. “Yes, I’m considering it,” Biden told reporters after taking a walk along the beach near his vacation home in Delaware. Biden said members of his team were to meet this week with CEOs of the major oil companies to discuss rising oil prices. Great.. take it down to 6.00 instead of 6.19.. great Ooh! That will put us back to March prices. Biden’s solution for everything is to spend more of OUR money
Source: YahooNews - 🏆 380. / 59 Read more »
Ohio-based Marathon Petroleum criticized by President Biden in letter about excess profits, lower fuel productionMarathon Petroleum, a Findlay, Ohio, based oil refiner, is one of seven companies President Joe Biden is criticizing over excess profits and pushing to produce more gas and diesel. He didn’t criticize them for excess losses they took in 2020. How about we set up a regulatory framework that would increase production and refining capacity instead of being a grumpy, old and useless man, Joe. Capacity is holding back production. Refineries do not want to expand capacity-just want to grift. The Radical Global-Bull Warming Xiden Regime cuts supplies and BLAMES everyone else from Trump, Russia, to the Oil Producers? Economics 101 = Supply Demand = Price. Who doesn't understand this?
Source: clevelanddotcom - 🏆 301. / 63 Read more »