Biden threatens oil companies with 'emergency powers' if they don't boost supply

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anatta

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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. "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 continued. "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."

he letters come one day after Biden ordered the sale of another 45 million barrels of crude oil from the U.S. Strategic Oil Reserve.


Biden's letter does not offer a timeline for when his administration would resort to emergency powers, threatening only to do so in the "near term."

The oil companies have yet to publish a response to Biden's letter Wednesday.

https://www.foxbusiness.com/politics/biden-threatens-oil-companies-emergency-powers-supply-inflation
 
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."
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lol refineries are not being built because of worries about fed regulation
 
anatta said:
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. "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 continued. "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."

he letters come one day after Biden ordered the sale of another 45 million barrels of crude oil from the U.S. Strategic Oil Reserve.


Biden's letter does not offer a timeline for when his administration would resort to emergency powers, threatening only to do so in the "near term."

The oil companies have yet to publish a response to Biden's letter Wednesday.

https://www.foxbusiness.com/politics/biden-threatens-oil-companies-emergency-powers-supply-inflation
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He will do it just before November.
 
According to the Energy Information Administration, the United States will be using about 95% of its refining capacity in June. Yet, we’re refining about a million barrels per day less than we were just a couple of years ago. Why?

When COVID-19 hit and demand for fuel fell dramatically, a lot of refining companies shut plants down, he said.

“Some refineries just shut down because of lack of demand, and they’re not coming back on. Then there was some weather-related issues also,” Daigle said. Last year’s freeze in Texas knocked several refineries offline, and some are still not operating at full capacity.

But if refiner’s margins are so big and they’re making a killing on every barrel of fuel they get to market, why don’t energy companies just build more refineries while the money’s there?

It takes a lot of money and time to build refineries. Additionally, “investors do not want to see companies pouring money into organic oil and gas growth,” Gabelman said.

The long-term prospects for fossil fuels are uncertain. Most investors don’t want to be asked to chip in for long-term growth. In the present economic climate, they’re demanding a quicker return on their investment.
https://www.marketplace.org/2022/05...sh-records-but-few-plan-to-build-more-plants/
 
US Utilization of Refinery Capacity - YChartshttps://ycharts.com › indicators › us_operable_crude_oi...
US Utilization of Refinery Capacity is at 94.20%, compared to 92.60% last week and 88.70% last year. This is higher than the long term average of 89.58%.
 
Bigdog said:
US Utilization of Refinery Capacity - YChartshttps://ycharts.com › indicators › us_operable_crude_oi...
US Utilization of Refinery Capacity is at 94.20%, compared to 92.60% last week and 88.70% last year. This is higher than the long term average of 89.58%.
Click to expand...
Refineries are not being built.. I cant remember the last time we built a new one.

Biden comes in and slams fossil fuels, says we are transitioning away, shuts down new leasing
and increasing regs.
Then he blames oil companies - not Prog policies :rolleyes:

investors dont trust the Biden adm, nor should they
 
Biden is becoming triggered and that is very dangerous. Watch this speech. It is borderline insane. This is the leader of the most powerful country in the world bloviating like a mad man. :palm:

 
Political rhetoric, easy to lay the blame on big oil, works, however, as I’ve said before, big oil is not national, they can increase all the oil they can but there is no guarantee any of it will ever wind up in the American market
 
archives said:
Political rhetoric, easy to lay the blame on big oil, works, however, as I’ve said before, big oil is not national, they can increase all the oil they can but there is no guarantee any of it will ever wind up in the American market
Click to expand...
no they cant increase US oil production -refinery capacity is maxed out,, OPEC hasnt wanted to raise allocation, and those STUPID Russian sanctions dont help either
 
archives said:
Political rhetoric, easy to lay the blame on big oil, works, however, as I’ve said before, big oil is not national, they can increase all the oil they can but there is no guarantee any of it will ever wind up in the American market
Click to expand...

More supply on the global market will lower the global price of crude. How hard is this to understand?

Banning the XL pipeline was a jackass move. Biden guaranteeing he will end fossil fuels is "heroic" to Leftists. :palm:
 
anatta said:
no they cant increase US oil production -refinery capacity is maxed out,, OPEC hasnt wanted to raise allocation, and those STUPID Russian sanctions dont help either
Click to expand...

According to the oil companies, why increase production and cut into profits, and you missed the point, even if they did, there is no guarantee that oil would be sold in the US, again, oil companies are not national, even today, the US is the third largest exporter of oil in the world (https://www.investopedia.com/article...2020 figures.)
 
What is really funny about this is the people that dug in and voted for Biden are hurting the worst. Even college age kids are beginning to see an economy President is way more important than a social President
 
Bigdog said:
More supply on the global market will lower the global price of crude. How hard is this to understand?

Banning the XL pipeline was a jackass move. Biden guaranteeing he will end fossil fuels is "heroic" to Leftists. :palm:
Click to expand...

So why would those producing that crude be in a hurry to increase production, and again, that oil wasn’t targeted for the US market
 
archives said:
Political rhetoric, easy to lay the blame on big oil, works, however, as I’ve said before, big oil is not national, they can increase all the oil they can but there is no guarantee any of it will ever wind up in the American market
Click to expand...

gib•ber•ish (ˈdʒɪb ər ɪʃ, ˈgɪb-)
n.
1. meaningless or unintelligible talk or writing; nonsense.
2. talk or writing containing many obscure, pretentious, or technical words.
 
archives said:
According to the oil companies, why increase production and cut into profits, and you missed the point, even if they did, there is no guarantee that oil would be sold in the US, again, oil companies are not national, even today, the US is the third largest exporter of oil in the world (https://www.investopedia.com/article...2020 figures.)
Click to expand...

gib•ber•ish (ˈdʒɪb ər ɪʃ, ˈgɪb-)
n.
1. meaningless or unintelligible talk or writing; nonsense.
2. talk or writing containing many obscure, pretentious, or technical words.
 
Stringfellow Hawk said:
What is really funny about this is the people that dug in and voted for Biden are hurting the worst. Even college age kids are beginning to see an economy President is way more important than a social President
Click to expand...

You are assuming they are laying all of it on Biden as you do, not everyone is glued to Fox, and it depends upon who is being offered as that alternative President
 
archives said:
You are assuming they are laying all of it on Biden as you do, not everyone is glued to Fox, and it depends upon who is being offered as that alternative President
Click to expand...

I hardly every watch TV, it does not take a rocket scientist to see the last two democrats in office are trying to shrink the working class with awful agendas
 
archives said:
You are assuming they are laying all of it on Biden as you do, not everyone is glued to Fox, and it depends upon who is being offered as that alternative President
Click to expand...

gib•ber•ish (ˈdʒɪb ər ɪʃ, ˈgɪb-)
n.
1. meaningless or unintelligible talk or writing; nonsense.
2. talk or writing containing many obscure, pretentious, or technical words.

flail (flāl)
n.
To wave or swing vigorously; thrash: flailed my arms to get their attention.
To move vigorously or erratically; thrash about: arms flailing helplessly in the water.
To strike or lash out violently
 
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