June 20, 2022 16:09 GMT
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Bloomberg has reported that US President Joe Biden's team will meet with executives from oil companies this week to ask for a justification for high oil prices.
- Jenny Leonard of BBG: "[Biden's] team will sit down with oil company CEOs this week, though the President won’t join the meeting, to get an “explanation how they justify making $35b in the first quarter.”"
- Leonard continues that Biden: "...hopes to have a decision on the gas tax holiday by end of the week, and that he’s unlikely to go to Ukraine while he’s in Europe for the G7."
- Last week, the White House sent letters to executives of Marathon Petroleum, Valero Energy, ExxonMobil, Phillips 66, Chevron, BP, and Shell urging an increase in production and asking for ideas to solve refining capacity issues.
- The Biden administration has repeatedly called on energy companies to act responsibly on gasoline pricing and has accused big oil companies of price gouging and refusing to invest profits back into O&G projects.