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Wednesday, July 6, 2022

Biden tells refineries to ramp up production and lower prices

WASHINGTON ( Associated Press) – President Joe Biden on Wednesday called on US refiners to produce more gasoline and diesel, saying their profits have tripled during the Russo-Ukraine war as ordinary citizens experience rising prices. .

“The difficulties facing families across the country require immediate attention,” Biden wrote in a letter to refiners, a draft of which was obtained by The Associated Press.

“Your companies will have to work with my administration to come up with concrete short-term solutions to deal with the crisis,” he said.

The average price of petrol has reached $5 a gallon nationwide, posing an economic burden for many citizens and a political threat to Biden and Democrats ahead of the November midterm elections.

Inflation began rising late last year as the economy recovered sharply from the pandemic slowdown, but accelerated this year after Russia’s invasion of Ukraine, turbulent global markets, and increased fuel prices and food shipments. I.

US consumer prices rose 8.6% from a year ago, the government reported Friday, the fastest increase in more than 40 years.

Biden’s letter said the last time oil was priced at $120 a barrel, gasoline prices averaged $4.25 a gallon. According to the draft paper, a difference of 75 cents in just a few months reflects both a reduction in solvency and profits “which are currently at their highest.”

He says refineries are taking advantage of uncertainties in “wartime”.

The allegation that corporate greed is contributing to inflation is controversial among many economists, but it may prove popular among voters. Some liberal lawmakers have proposed a crackdown on corporate profits to tame inflation.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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