NEW: President Biden today will warn CEOs of the nation's largest oil companies that he's considering invoking emergency powers to boost U.S. refinery output, according to a letter obtained by Axios.
President Biden will warn CEOs of the nation's largest oil companies on Wednesday that he's considering invoking emergency powers to boost U.S. refinery output, according to a letter obtained by Axios.Biden's direct engagement with the oil giants is part of an ongoing White House effort toThe letter, which calls on the companies to boost output, signals howWhat he's saying:
"I understand that many factors contributed to the business decisions to reduce refinery capacity, which occurred before I took office," he writes. "But at a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable."the letter — sent to the heads of ExxonMobil, Chevron, BP America, Shell USA, Phillips 66, Marathon and Valero — calls for them to offer "concrete, near-term solutions.
"With prices for your product where they are today, you have ample market incentive to take these actions, and I recognize that some of you have already begun to do so," he writes in calling for increased supplies of gasoline, diesel and other refined products.Biden said Energy Secretary Jennifer Granholm will convene an "emergency meeting on this topic.
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