Biden Sends Threat-Letters To Big Oil: Help Ease “Putin Price Hike” Or Face Our Tools BY TYLER DURDEN for Zero Hedge
President Biden intensified attacks against the nation’s largest oil companies, writing an “angry” letter to the heads of ExxonMobil, Chevron, BP America, Shell USA, Phillips 66, Marathon, and Valero to boost US refinery output, according to Axios.
“I understand that many factors contributed to the business decisions to reduce refinery capacity, which occurred before I took office,” Biden writes in hopes that everyone is an idiot and incapable of grasping how how green policies have crippled the US energy sector, adding, “at a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable.”
“My administration is prepared to use all reasonable and appropriate federal government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied,” the president escalated for dramatic effect.
Biden, always happy to blame other but never himself, ended the letter by also scapegoating Putin – not just energy companies – for “driving up costs for consumers.”
“Vladimir Putin’s Price Hike and are driving up costs for consumers. I appreciate your immediate attention to this issue and your efforts to mitigate the economic challenges that Viadimir Putin’s actions have created for American families.”
In effect, Biden is blaming energy companies for his own failures as a president, and not only that – he is also going to beg and grovel in Saudi Arabia while bashing his own domestic producers.
So this guy is going to invoke the DPA to reverse his own policies…While getting on his knees to beg the Saudi’s to pump more so they can fuel more terrorist around the world!!!! We are officially living in an alternative universe @JoeSquawk @andrewrsorkin @jimcramer @SullyCNBC
— mattspartyof5 (@matt061894) June 15, 2022
The letter comes a week after the national average for regular gasoline at the pump hit a record high of $5 a gallon. Soaring energy prices have helped drive an unexpected hot consumer price inflation print last week shows peak inflation has yet to be achieved, causing discontent among the vast majority of Americans as the president’s polling data sinks to a new low.
Declining US refinery capacity has nothing to do with Putin’s actions in Ukraine, but instead, Democrats and Wall Street, who’ve been on a crusade over the last several years, pushing for a transition to a low-carbon economy that disincentivized oil companies from reinvesting and expanding refinery capacity. Instead, oil companies were forced to slash capacity by upwards of 1 million barrels from April 2020 to 17.95 million bpd as of June.