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Biden Threatens To E.O. American Oil Companies


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Who is he fooling?

The same guy who halted the construction of the Keystone XL pipeline while green-lighting the Russian Nordstream 2 is clamoring about how the oil companies need to produce more oil…

Joe Biden is now threatening to use the power of the executive order to force gas and oil companies to comply with his dictates for more energy.

Biden cites record profits from these companies as evidence of their malfeasance, and I do agree with him that they are experiencing record profits—this is a matter of fact.

However, what tends to be overlooked is the inconvenient fact that price margins for oil companies are razor-thin, and the U.S. government typically collects several times more per gallon in taxes than oil companies collect in terms of profit…

The remedy is then crystal clear—eliminate all consumer gas taxes until we can return to baseline or better yet—do away with them permanently.

Politicians and the bureaucratic parasites need to stop blaming Putin for the rise in the price of gas when it was already steadily rising before the war broke out, and while the government continues to excessively tax our energy.

Here are the latest developments:

Axios explained:

Biden tells seven big refiners and fuel companies that he’s “prepared to use all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term.”

“I understand that many factors contributed to the business decisions to reduce refinery capacity, which occurred before I took office,” he writes.

“But at a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable.”

 

NBCDFW, an NBC affiliate, went on:

There may be limits on how much more capacity can be added. The U.S. Energy Information Administration on Friday released estimates that “refinery utilization will reach a monthly average level of 96% twice this summer, near the upper limits of what refiners can consistently maintain.”

The letter notes that roughly 3 million barrels a day of refining capacity around the world have gone offline since the pandemic began. In the U.S., refining capacity fell by more than 800,000 barrels a day in 2020.



 

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