Biden threatens oil companies with 'emergency
powers' if they don't increase supply:
Slams their 'historically high profit
margins' while families see gas prices
hit record highs above $5 per gallon
Daily Mail (UK),
by
Katelyn Caralle
Original Article
Posted By: Imright,
6/15/2022 5:09:39 PM
Joe Biden is calling on seven of the top oil companies to do something to help quell surging gas prices after accusing them of intentionally exacerbating the strain on Americans' pocketbooks after the average price per gallon surpassed $5.00.
The president is sending letters Wednesday to Marathon Petroleum Corp., Valero Energy Corp., ExxonMobil, Phillips 66, Chevron, BP, and Shell to demand action on lowering gas prices at the corporate level and account for the surge.
In a letter to Exxon obtained by Axios, Biden wrote that the difference 'of more than 15% at the pump is the result of the historically high profit margins
Reply 1 - Posted by:
RobertJ984 6/15/2022 5:20:55 PM (No. 1186877)
Is ol' Joe accusing the oil companies of collusion? Is he claiming price fixing? Gasp...even a conspiracy?
All of that is currently against the law. Why doesn't he send the DOJ after them? Haul them in front of congress?
Because it's not what's happening
29 people like this.
Reply 2 - Posted by:
downnout 6/15/2022 5:26:16 PM (No. 1186884)
Hard to increase supply when you can’t get a permit to drill; and when was the last time a refinery was built in this country?
46 people like this.
Reply 3 - Posted by:
DE01A13 6/15/2022 5:30:42 PM (No. 1186890)
Liar, liar pants on fire!
19 people like this.
Reply 4 - Posted by:
Zeek Wolfe 6/15/2022 5:31:50 PM (No. 1186893)
Let us reduce things to their fundamentals. The President of the United States of America is a stupid and lying sack of excrement.
41 people like this.
Reply 5 - Posted by:
PCMM 6/15/2022 5:44:55 PM (No. 1186907)
Oil companies pull the oil from the ground, refine it, then deliver to the marketplace. Government does nothing yet profits more from taxation than the ones doing all the work.
22 people like this.
Reply 6 - Posted by:
Italiano 6/15/2022 5:45:33 PM (No. 1186908)
I always assumed that I hated Barack Obama. Now that I know what it feels like, I realize that I really didn't.
18 people like this.
Reply 7 - Posted by:
daisey 6/15/2022 5:47:01 PM (No. 1186913)
Biden is a thug. Mean, angry, lying thug with power. Very bad combination.
34 people like this.
Reply 8 - Posted by:
Scout Finch 6/15/2022 5:51:03 PM (No. 1186919)
Joe may have dementia, but he still the same phony jerk he’s been for over 50 years. He knows what he’s saying and doing. He’s in on the ruse.
25 people like this.
Reply 9 - Posted by:
watercheetah 6/15/2022 6:01:57 PM (No. 1186930)
Maybe he’ll nationalize all the oil companies. That worked out pretty well for Hugo Chavez.
15 people like this.
Reply 10 - Posted by:
Venturer 6/15/2022 6:03:24 PM (No. 1186932)
Biden can rip up that stupid Executive Order he wrote and take car of this mess himself.
12 people like this.
Reply 11 - Posted by:
leonardo 6/15/2022 6:12:50 PM (No. 1186940)
Be aware that Lyin’ Biden is capable of perpetrating ANYTHING to further his Green New Deal obsession. HE’s the choke-point for increasing energy availability at reasonable prices.
We thought that Lie-a-Day Obama was at the top of his game, but Biden puts OBAMA to shame when it comes to prevarication. And, unlike Obama, Biden often has an angry edge to his demeanor. Hard to believe that the American people actually put this guy even close to the nuclear button. Then again, Americans are not what they used to be.
For an example look at the Kavanaugh assassination plan and the planned Lefty SCOTUS blockade for Rowe vs. Wade.
12 people like this.
Reply 12 - Posted by:
ironchefw 6/15/2022 6:23:05 PM (No. 1186949)
Dude should be drilling on the front lawn of the White House. But his priority is drag queens in every federal agency.
13 people like this.
Reply 13 - Posted by:
qr4j 6/15/2022 6:26:31 PM (No. 1186952)
Like a gangster, that Biden is. First, he wants to do away with fossil fuels (oil!). Second, he's upset because of the high prices of the very thing he's trying to put out of business. Third, he's threatening them.
I think I would have more faith in the more traditional organized crime than in the current gang running the show. Biden makes the mafia look like school children.
9 people like this.
Reply 14 - Posted by:
thekidsmom66 6/15/2022 6:29:13 PM (No. 1186955)
#6 - yes, exactly what you said! I have stated pretty much the same more than once! If you knew me, I am a very friendly, soft-spoken, and polite person. But when I see Biden and that cocky, arrogant sneer, or hear his lies, boasting, or attempts to intimidate others, my gut reaction is that I want to punch him right in the face. I've never had such a visceral reaction to ANYONE before!
14 people like this.
Reply 15 - Posted by:
DVC 6/15/2022 6:45:36 PM (No. 1186974)
Idiot Joe CANNOT fix this with these high handed stupidities, but if in insists, he CAN make it a lot worse.
My bet.....he'll make it worse, because THEY WANT IT WORSE, and they want someone to blame for their INTENTIONAL policies of making gasoline and diesel unaffordably expensive.
9 people like this.
Reply 16 - Posted by:
Norway 6/15/2022 6:49:45 PM (No. 1186984)
Biden uses presidential directives to nearly destroy the US oil industry. Then, production goes down and prices go up. then he blames the oil industry. The biden regime is EVIL.
10 people like this.
Reply 17 - Posted by:
bad-hair 6/15/2022 6:50:37 PM (No. 1186987)
Oil companies, like all companies, have a fiduciary responsibility to their shareholders, not their customers.
8 people like this.
Reply 18 - Posted by:
stablemoney 6/15/2022 7:11:22 PM (No. 1187008)
The oil companies could cut the royalties they pay to the federal government to keep them from getting a windfall.
3 people like this.
If Vegetable seriously wanted to increase supply, he would open Keystone. Simple.
5 people like this.
Reply 20 - Posted by:
Birddog 6/15/2022 7:25:37 PM (No. 1187021)
He declared WAR on them..now demands they totally surrender, though they have done nothing illegal or wrong.
HE made 1.75 times as much from Exxon last year than they made in net profits.$40Billion/taxes vs $23Billion net profits.
Now he calls THEM "greedy" They lost $22Billion in 2020,,,still they paid $5.6Billion in income taxes..
Rig count is up to over 500(only 8 in Alaska, 6 in California, 6 in colo, 6 in penna)...almost all of the rest are in Texas and New Mexico. less than half of the average of 1200-1700 from 2000-2014, but still double the all time record LOW of 250 Sept of last year.
3 people like this.
Reply 21 - Posted by:
49 Ford 6/15/2022 7:27:01 PM (No. 1187022)
Poster # 1 is right, and all of this is pure political theater borne of desperation with the midterms approaching. Let us hope that there are not enough dummies in the electorate to turn things around for him.
4 people like this.
Reply 22 - Posted by:
Sully 6/15/2022 7:35:21 PM (No. 1187032)
Well when you make their product scarce, you're gonna increase their profits. Idiot.
OBTW, you've made pootin richer too.
0 people like this.
Reply 23 - Posted by:
Bogasso 6/15/2022 7:41:28 PM (No. 1187040)
“Yay, the price of gas is going to drop!”
- The same saps who think their college debt will be forgiven, probably.
0 people like this.
The idiot potato head has shut down most of the oil industry, not to mention the Keystone Pipeline. So what are they supposed to do, wave a magic wand or something?
1 person likes this.
Reply 25 - Posted by:
paral04 6/15/2022 8:40:15 PM (No. 1187121)
Well, Joe. Let them have the permits they need to drill and leave them alone to do it. Your predecessor knew what to do but your ego is so inflated you would rather let us all starve to death than admit you are wrong and go back to the oil policies that were in place when you invaded the office.
2 people like this.
Reply 26 - Posted by:
watashiyo 6/15/2022 9:34:37 PM (No. 1187168)
The oil company should just send this Diaper Moron a shovel for him to start digging.
1 person likes this.
Reply 27 - Posted by:
GustoGrabber 6/15/2022 9:39:38 PM (No. 1187171)
Hey big oil it was a good run while it lasted. You got rid of THAT guy so you could ratchet up your margins. So them's your choices, let your industry and oil fields be nationalized by eco communists, or acknowledge that the American republic deserves oii at market prices in markets that are competitive. Operative word here is competitive.
With American shareholders and Americans on the board of directors.
Your choice.
1 person likes this.
Reply 28 - Posted by:
OK state mom 6/15/2022 10:21:43 PM (No. 1187209)
#20 My oil/gas logistics person that I gave birth to tells me there are NO available drilling rigs. No transport if there were any. And, all major funding sources such as major pension plans have completely divested of oil and gas. They can't get a lending institution to front the money as investors have pulled their money in a major effort to go green. The record breaking profit margin is after 4 years of not breaking even. Oil Companies have spent more in "going green" than in building infrastructure to prepare for this day. And if lenders wanted to loan the money they are too afraid of Biden's next move that would further jeopardize them.
1 person likes this.
Reply 29 - Posted by:
mifla 6/16/2022 5:20:17 AM (No. 1187336)
This is surreal.
0 people like this.
Reply 30 - Posted by:
RWPollock 6/16/2022 6:29:15 AM (No. 1187363)
Butt out Joe it is called capitalism. Just drill more oil at home.
0 people like this.
Reply 31 - Posted by:
hoosierblue 6/16/2022 6:59:53 AM (No. 1187383)
Let me get this straight. Oil companies had high profits while supplying us with $2 Gal. gas and that is a bad thing. Now he cut their profits and gas is over $5 a gal. HHmmmmm.
0 people like this.
Reply 32 - Posted by:
Goose 6/16/2022 3:14:59 PM (No. 1188001)
Ah, yes! The Emergency Powers Clause of the Constitution. Comes right after the Emanations Clause but before the Penumbras Clause.
0 people like this.
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