US President Joe Biden speaks to reporters after disembarking Air Force One at Joint Base Andrews in Maryland on April 25, 2022.
“Refinery profit margins well above normal being passed directly onto American families are not acceptable,” Biden wrote in the letter to executives from Shell, Marathon Petroleum Corp, Valero Energy Corp, ExxonMobil, Phillips 66, Chevron and BP. Biden has regularly lambasted the oil industry for what he says is a failure to tap into already approved wells and increase output.
“The crunch that families are facing deserves immediate action. Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis,” he wrote.
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