'Not acceptable': Biden rips oil CEOs for raking in record profits

‘Not acceptable’: Biden rips oil CEOs for raking in record profits as gasoline production struggles to keep up with demand

Though inflation’s impact is broad, Americans are feeling it perhaps most acutely at gas stations as record prices there make commutes more expensive and cut into vacation budgets.

Gasoline prices have become a politicized issue as a result, hurting President Joe Biden’s approval ratings as the country heads into midterm elections and beyond.

On Wednesday, he called out major oil companies directly for what he said was their role in preventing Americans from getting access to cheaper fuel, saying their gasoline production isn’t where it should be.

“I understand that many factors contributed to the business decisions to reduce refinery capacity, which occurred before I took office,” wrote Biden in a letter sent to the CEOs of oil companies including Exxon Mobil and Chevron and obtained by Axios. “But at a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable.”

https://fortune.com/2022/06/15/biden-gas-inflation-price-margins-exxon-chevron/