Biden Tells US Oil Refiners Record Profits ‘Not Acceptable’
- President orders emergency meeting with industry on gas prices
- Biden says refining margins are impact caused by Ukraine war
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President Joe Biden told US 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.