Biden Targets Oil Companies to Address High Price Environment

Biden has written a letter to major US oil companies today asking them to explain how they will address the high price environment for energy and why US refining capacity has not been maximised. The US President also said he will take further measures to increase domestic refinery runs but it is not clear what they are.

• "My administration is prepared to use all reasonable and appropriate federal government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied," Biden said.
• "I request that you provide the secretary with an explanation of any reduction in your refining capacity since 2020 and any concrete ideas that would address the immediate inventory, price, and refining capacity issues in the coming months — including transportation measures to get refined product to market," he said.
• The president came into office vowing to reduce US dependence on fossil fuels but now wants to speed up domestic production.
• US Energy Secretary Jennifer Granholm plans to host an emergency meeting on how refiners can respond to higher prices.