President Joe Biden’s increasingly unhinged response to white-hot inflation is now directed at the nation’s oil industry. A letter sent Wednesday to major refineries lambasted them for “profit margins well above normal.”
Ignoring that utilization rates are over 90% and refiners cannot just flip a switch and increase production, Biden’s letter threatened emergency federal action. And, of course, it blamed Putin.
Even more brazen, the note blames refineries for impeding “historic actions” he has taken to thwart “Vladimir Putin’s Price Hike.”
The letter went to Marathon Petroleum, Valero Energy, ExxonMobil, Phillips 66, Chevron, BP, and Shell. The embattled president warned each that, without “immediate actions,” the government will use “emergency powers” to increase output.
No specific time is given for unleashing emergency powers, only that it looms in the “near term.” The letter further said Energy Secretary Jennifer Granholm will convene an emergency meeting on gas prices with energy industry leaders in a few days.
It comes one day after Biden ordered the release of another 45 million barrels of crude from the nation’s strategic oil reserve.
A major issue for the administration is that over a million barrels a day of U.S. refinery capacity have halted since the pandemic began. More, as Biden well knows, are converted or in the process of being converted to renewable diesel. This, of course, is part of his shift to green energy.
Proving just how disjointed from reality the White House is, climate czar John Kerry recently revealed the inner thoughts of the administration. Speaking at the University of Southern California last week, the failed presidential candidate said the U.S. “absolutely” should not drill more.
A gallon of regular gas averages over $5 nationally. The president is ranting about emergency actions to bring the price down, and the goal of those actions is more supply to lower prices.
Such as what you get from drilling.
Amidst the web of contradictory and counterproductive policies coming from the White House, one is glaringly absent. As Biden threatens oil companies and Kerry rants about whatever, increased drilling and more pipeline flow is the solution to what is simply a supply and demand issue.