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Biden Tells Oil Companies Record Profits Are ‘Not Acceptable’

He expects companies to take immediate action to improve capacity as soaring gas prices fuel record inflation.

By Justin Sink & Jennifer A. Dlouhy | June 16, 2022 at 12:39 PM

President Joe Biden told U.S. oil refiners that unprecedented profit margins are unacceptable and called for “immediate action” to improve capacity as the soaring price of gasoline feeds record inflation and fears of a recession.

“At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable,” Biden said in a letter sent Wednesday to top oil companies. Biden said his administration was prepared to take any “reasonable and appropriate” steps that would help companies increase output in the near term, and said he’s ordering Energy Secretary Jennifer Granholm to hold an emergency meeting on the subject in the coming days.

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