{"id":1517757,"date":"2022-06-15T17:34:17","date_gmt":"2022-06-15T21:34:17","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1517757"},"modified":"2022-06-15T17:34:19","modified_gmt":"2022-06-15T21:34:19","slug":"biden-sends-letter-to-oil-companies-blasting-them-for-profits-demanding-they-increase-oil-production","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-sends-letter-to-oil-companies-blasting-them-for-profits-demanding-they-increase-oil-production\/","title":{"rendered":"Biden Sends Letter To Oil Companies Blasting Them For Profits, Demanding They Increase Oil Production"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-sends-letter-to-oil-companies-blasting-them-for-profits-demanding-they-increase-oil-production%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1517757&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President <a href=\"http:\/\/dailywire.com\/topic\/biden-administration\">Joe Biden<\/a> sent a letter to multiple <a href=\"http:\/\/dailywire.com\/topic\/oil-and-gas\">oil<\/a> companies on Wednesday, urging them to increase production and cut <a href=\"http:\/\/dailywire.com\/topic\/economy\">profits<\/a> as <a href=\"http:\/\/dailywire.com\/topic\/gas-prices\">gas prices<\/a> continue to soar in the United States.<\/p>\n<p>The letter comes days after the <a href=\"https:\/\/www.dailywire.com\/news\/gas-prices-hit-grim-national-average-of-5-per-gallon\">national average price of gasoline<\/a> hit $5 per gallon. Prices were $2.39 per gallon when President Joe Biden entered the Oval Office at the beginning of last year \u2014 contributing to overall <a href=\"http:\/\/dailywire.com\/topic\/inflation\">inflation<\/a>, which reached 8.6% for <a href=\"https:\/\/www.dailywire.com\/news\/inflation-reaches-8-6-setting-new-four-decade-high\">consumers<\/a> and 10.8% for <a href=\"https:\/\/www.dailywire.com\/news\/inflation-for-businesses-continues-at-double-digit-pace\">businesses<\/a> as of last month.<\/p>\n<p>\u201cThere is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,\u201d Biden wrote in his <a href=\"https:\/\/www.mediaite.com\/news\/read-bidens-full-letter-to-oil-companies-demanding-help-on-gas-prices-historically-high-profit-margins-are-unacceptable\/\">letter<\/a> to seven oil and gas companies. \u201cBut amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.\u201d<\/p>\n<p>Oil company <a href=\"https:\/\/www.dailywire.com\/news\/biden-says-exxon-made-more-money-than-god-this-year-blames-them-for-gas-price-spike\">profits have indeed risen<\/a> in recent months. ExxonMobil, for instance, reported $5.5 billion in profits during the first quarter of 2022, despite taking a $3.4 billion hit due to its departure from Russia. During the fourth quarter of 2021, ExxonMobil reported an $8.87 billion profit \u2014 its largest in seven years.<\/p>\n<p>Nevertheless, Heritage Foundation research fellow Katie Tubb noted to The Daily Wire that President Biden failed to mention \u201cany connection between his administration\u2019s policies and high gasoline prices\u201d in the letter.<\/p>\n<p>\u201cIt has been the consistent message and persistent policy choice of this administration to pursue an anti-oil regulatory agenda,\u201d Tubb explained. \u201cThe only logical conclusion of policies designed to forcibly wean Americans off conventional fuel is higher prices. California is a clear example \u2014 similar policies have been on the books for years and it is no surprise that Californians consistently have to pay some of the highest prices in the country for gasoline.\u201d<\/p>\n<p>Multiple White House officials \u2014 including Transportation Secretary <a href=\"https:\/\/www.dailywire.com\/news\/buttigieg-electric-cars-will-make-it-so-americans-never-have-to-worry-about-gas-prices-again\">Pete Buttigieg<\/a>, Energy Secretary <a href=\"https:\/\/www.dailywire.com\/news\/bidens-energy-secretary-on-gas-crisis-if-you-drove-an-electric-car-this-would-not-be-affecting-you\">Jennifer Granholm<\/a>, and President <a href=\"https:\/\/www.dailywire.com\/news\/white-house-slammed-over-comments-on-electric-cars-fairy-dust-and-unicorns\">Joe Biden<\/a> himself \u2014 have argued that high gas prices will accelerate a transition to green energy.<\/p>\n<p>Even on Wednesday, CNN anchor John Berman <a href=\"https:\/\/www.dailywire.com\/news\/cnn-anchor-confronts-energy-secretary-on-bidens-oil-company-bait-and-switch\">confronted<\/a> Granholm over the Biden administration\u2019s letter, asserting that asking oil companies to decrease their profits could be difficult when the Biden administration has pursued the overall decline of fossil fuel production. \u201cWhat we\u2019re saying is today we need that supply increased,\u201d Granholm responded. \u201cOf course, in five or 10 years, actually in the immediate, we are also pressing on the accelerator, if you will, to move toward clean energy so that we don\u2019t have to be under the thumb of petro-dictators like Putin.\u201d<\/p>\n<p>In response to Biden\u2019s letter, ExxonMobil <a href=\"https:\/\/www.businesswire.com\/news\/home\/20220615006025\/en\/ExxonMobil-statement-regarding-President-Biden-Letter-to-Oil-Industry\">said<\/a> on Wednesday that the Biden administration could stimulate more oil production through \u201cpredictable lease sales, as well as streamlined regulatory approval and support for infrastructure such as pipelines.\u201d<\/p>\n<p>Indeed, Republican lawmakers have <a href=\"https:\/\/www.cruz.senate.gov\/newsroom\/press-releases\/cruz-senators-demand-commerce-secretary-stop-permitting-delays-on-existing-oil-and-gas-leases-to-boost-production\">criticized<\/a> Biden for a \u201cde facto ban on new drilling\u201d achieved by \u201csitting idle on over 9,000 drilling permits\u201d and millions of acres of inactive leases. Likewise, the White House faced backlash for <a href=\"https:\/\/www.dailywire.com\/news\/peter-doocy-asks-for-a-straight-answer-on-keystone-gets-the-runaround-from-jen-psaki\">nixing<\/a> expansions to the Keystone XL Pipeline last year. More recently, former White House Press Secretary Jen Psaki revealed that the Biden administration had \u201cno plans\u201d to reconsider opening pipeline construction.<\/p>\n<p>Among other <a href=\"https:\/\/www.heritage.org\/sites\/default\/files\/2022-05\/BG3708.pdf\">recommendations<\/a>, Tubb told The Daily Wire that Biden could work to \u201crelieve federal regulatory burdens on refineries.\u201d She observed that the cost for refineries to comply with the Renewable Fuel Standard \u2014 by which the Environmental Protection Agency (EPA) <a href=\"https:\/\/www.epa.gov\/renewable-fuel-standard-program\/overview-renewable-fuel-standard\">mandates<\/a> certain volumes of biofuel in gasoline and other energy products \u2014 \u201care at record highs and ultimately get passed down to customers.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden sent a letter to multiple oil companies on Wednesday, urging them to increase production and cut profits as gas prices continue to soar in the United States. The letter comes days after the national average price of gasoline hit $5 per gallon. Prices were $2.39 per gallon when President Joe Biden entered &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1511178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1517757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1517757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1517757"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1517757\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1511178"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1517757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1517757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1517757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}