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Biden Accuses U.S. Oil Companies of Profiteering
Oil companies are coming under scrutiny amid scorching summer gas prices.
“At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable,” President Joe Biden wrote in a letter this week, directing his blistering criticism at U.S. oil and gas companies.
“There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,” the President continued. “But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.”
While the Biden Administration maintains strongly its commitment to diversifying the U.S. energy use portfolio, the immediate, real-world pain consumers are feeling at the pump is beginning to tell.
Insulate journalists compare the brutal gas price hikes to tax increases the government imposed on tobacco products- i.e. a good thing which will encourage people to stop using petroleum. They keep forgetting, perhaps, that our entire economy- not to mention a 10,000 mile supply line built in a glut of globalization- wasn’t built upon tobacco products
It was built upon petroleum (and other fossil fuels) and it continues to run, or not run…