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In a series of letters sent on Wednesday, President Joe Biden threatened the use of emergency powers to get American oil companies to increase the output at refineries to improve the shocking gas prices Americans are experiencing at the pump.
In the letters, obtained by Fox Business, Biden said that oil companies are running on “historically high profit margins” while Americans are forced to pay historic prices at the gas pump. Last week, the national average for a gallon of gas surpassed $5.
“There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,” Biden wrote in one of the letters. “But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.”
“Your companies and others have an opportunity to take immediate actions to increase the supply of gasoline, diesel and other refined product you are producing,” he added.
“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.
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