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Biden threatens oil industry with use of emergency powers if they refuse to boost supply of oil

Biden also accused companies of running 'historically high profit margins,' and exploiting Americans. 

Biden threatens oil industry with use of emergency powers if they refuse to boost supply of oil
AP Photo/Patrick Semansky
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Democrat President Joe Biden is facing scrutiny after sending letters to oil companies demanding that they increase production or face the administration using “emergency authorities” if they do not comply with the demand. 

As reported by Fox Business, Biden sent letters to oil companies such as Shell, BP, Chevron, Phillips 66, ExxonMobil, Marathon Petroleum Crop, and Valero Energy Corp. 

The letter reads, “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.” 

Biden also accused companies of running “historically high-profit margins,” and exploiting Americans. 

Elsewhere, Biden continues to push the narrative that Russia is predominantly to blame for the historically high prices.

“There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,” the letter stated, adding “But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.”

“Your companies and others have an opportunity to take immediate actions to increase the supply of gasoline, diesel and other refined product you are producing,” he continued. “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.”

American multinational oil and gas corporation, Exxon, responded to Biden’s letter, blasting the president for his failing energy policies. 

“We have been in regular contact with the administration to update the president and his staff on how ExxonMobil has been investing more than any other company to develop U.S. oil and gas supplies,” a company press release states, adding ”This includes investments in the U.S. of more than $50 billion over the past five years, resulting in an almost 50% increase in our U.S. production of oil during this period.” 

“Globally, we’ve invested double what we’ve earned over the past five years – $118 billion on new oil and gas supplies compared to net income of $55 billion,” it read, adding, “This is a reflection of the company’s long-term growth strategy, and our commitment to continuously invest to meet society’s demand for our products.” 

The company added that ”Specific to refining capacity in the U.S., we’ve been investing through the downturn to increase refining capacity to process U.S. light crude by about 250,000 barrels per day – the equivalent of adding a new medium-sized refinery.”

”We kept investing even during the pandemic, when we lost more than $20 billion and had to borrow more than $30 billion to maintain investment to increase capacity to be ready for post-pandemic demand,” the company further asserted. 

Conservatives were quick to point out how Biden’s failed policies have caused the crisis. 

Republican Sen. Ted Cruz took to social media to call out Biden for his handling of the crisis and refusal to take the blame, writing: 

“This is a flat-out lie. Gas prices have increased 48% under Biden—BEFORE RUSSIA INVADED UKRAINE. Biden did that.
That’s bc Biden:

- killed Keystone pipeline.

- froze federal leases.

 - shut down ANWR

All, while Biden waived sanctions on Putin’s pipeline”

Human Events journalist Jack Posobiec wrote on Twitter, “On Feb 22, Biden halted new oil and gas drilling in the name of climate change. Russia invaded Ukraine 2 days later.”

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