Two major U.S. oil companies hit back at Democrat President Joe Biden this week after he threatened to use “emergency authorities” on them to stem the political fallout from the historic gas prices that have erupted under his administration.
Biden’s threat was contained in a letter that he sent to ExxonMobil, Phillips 66, Chevron, BP, Shell, Marathon Petroleum Corp, and Valero Energy Corp.
“There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,” Biden claimed, failing to mention that gas prices were already surging before Russia invaded Ukraine. “But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.”
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Biden demanded that the