Under intense political pressure to address soaring gasoline prices, President Biden is trying to push the nation’s largest refiners to do more to boost supplies and lower prices.
In a letter to the companies on Wednesday, Biden said refiners are taking advantage of the crisis, seeing record-high profit margins at a time when inflation has soared and families are finding it hard to afford to fill up their cars.
“At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable,” he wrote in the letter, which went to Exxon Mobil Corp., BP and Shell, among others.
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