Biden tells oil refiners to produce more gas, fewer profits

Gas prices nationwide are averaging $5 a gallon
Posted at 7:11 AM, Jun 16, 2022
and last updated 2022-06-16 08:11:03-04

President Joe Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump.

“The crunch that families are facing deserves immediate action,” Biden wrote in a letter to seven oil refiners. “Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis.”

Gas prices nationwide are averaging roughly $5 a gallon, an economic burden for many Americans. Experts say its also a matter of supply and demand.

"Here in the United States, we have have a healthy supply of gasoline but of course we are at a busy time of year where a lot of that supply has to be replenished," said Daniel Armbruster with AAA Texas.

Broader inflation began to rise last year as the U.S. economy recovered from the pandemic, but it accelerated in recent months as energy and food prices climbed after Russia invaded Ukraine in February and disrupted global commodity markets.