"At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable," the President writes in a letter dated Tuesday that was sent to seven companies. But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain." Biden's letter on Tuesday was sent to seven oil companies: Marathon Petroleum, Valero Energy, ExxonMobil, Phillips 66, Chevron, BP, and Shell. Several US energy companies went bankrupt, and access to Wall Street's money evaporated. But with little prospect of that passing Congress, Biden is resorting to demanding action that he is almost certainly aware oil companies will reject.

Source: CNN June 15, 2022 20:27 UTC