Biden Is Threatening To Use Emergency Powers Against Oil Companies

Biden Is Threatening To Use Emergency Powers Against Oil Companies

Biden Is Threatening EMERGENCY ORDERS – He Might Do It

( – As of June 15, the average price for a regular gallon of gas was more than $5, according to AAA. Experts believe those prices will continue to increase over the summer. Now, President Joe Biden is threatening to use executive powers if oil companies don’t do what he wants.

On June 14, Biden sent letters to seven oil and gas industry executives accusing them of profiteering. In a letter to ExxonMobil CEO Darren Woods, the president pointed out that the last time the price of oil was $120 a barrel in March, the price at the pump was $4.25 per gallon; this time, prices are 75 cents higher for regular. Meanwhile, Biden told Woods the profit margins for American refineries are the highest they’ve ever been.

The president went on to claim oil companies have “an opportunity to take immediate actions to increase the supply” of gas and diesel. If the executives don’t increase the supply, which could lead to lower prices for Americans, he said he’ll use all of the tools at the government’s disposal, including emergency powers, to “increase refinery capacity.”

In addition to ExxonMobil, Biden sent letters to Valero Energy Corp, Marathon Petroleum Corp, Phillips 66, BP, Shell, and Chevron. The president’s threat to use emergency powers could refer to the Defense Production Act, an executive branch order that compels companies to increase supplies of a certain product to meet consumers’ needs during a national emergency.

It’s unclear when the deadline is for the oil companies to increase their supplies.

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