Biden Urges Oil Companies to Increase Supply, Criticizes High Profit Margins
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Image credit: Reuters [via The New York Post]
The Facts
- On Wed., Pres. Biden sent a letter to seven oil companies calling on them to increase supply and accusing them of taking advantage of the inflation crisis to increase their profit margins to "above normal" levels.
- Biden also directed Energy Sec. Jennifer Granholm to convene an emergency meeting with oil companies to gather explanations on capacity reductions since 2020, and brainstorm ideas to increase supply.
- In a more forceful tone, Biden wrote that he was prepared to use "appropriate federal government tools" to increase oil output, though he didn't outline specific measures the government would take.
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The Spin
Republican narrative
This letter is the height of hypocrisy: Biden, who promised to end oil drilling in the name of his green policies, is demanding companies to increase production now that it's politically convenient. This is nothing more than a sad attempt to pass the blame.
Democratic narrative
It's wrong to blame Biden. COVID and its cascading effects drove the energy crisis and the Russia-Ukraine war only adds complexity. There is very little Biden can do to fix rising gas prices, and he shouldn't be condemned for trying to lessen the burden on regular Americans.
