President Joe Biden has demanded oil companies explain why they are cutting gasoline production, as prices soar to record highs right in the middle of the summer driving season.
President Joe Biden wrote to oil companies demanding they explain gas production cuts.Average US gas prices at the pump have surged to a record above $5 a gallon.
In the letter written to gas companies including Marathon Petroleum, Valero Energy, Exxon, Phillips 66, Chevron, BP, and Shell, Biden criticized them for cutting back on oil refining to rake in higher profits. He added:"The lack of refining capacity - and resulting unprecedented refinery profit margins - are blunting the impact of the historic actions my Administration has taken to address Vladimir Putin's Price Hike and are driving up costs for consumers."
Prices are surging across the West Coast, with an average price of $6.435 in California and $5.55 in Washington.
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