US President Biden asks Energy Secretary to hold emergency meeting on oil refining capacity
|US President Joe Biden on Wednesday asked Energy Secretary to hold an emergency meeting on oil refining capacity.
Biden, in a letter, demanded oil companies explain why they aren't putting more gasoline on the market, sharply escalating his rhetoric against the industry.
Key quotes
"At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable.”
“The lack of refining was driving gas prices up faster than oil prices.”
"The lack of refining capacity - and resulting unprecedented refinery profit margins - are blunting the impact of the historic actions my Administration has taken to address Vladimir Putin's Price Hike and are driving up costs for consumers."
Market reaction
In an immediate reaction to the above news, WTI tumbled to hit daily lows at $114.82, now trading at $115.00, still down 1.25% on the day.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.