US President Joe Biden on Wednesday demanded oil companies explain why they aren't putting more gasoline on the market, sharply escalating his rhetoric against industry as he faces pressure over rising prices.
Biden wrote to executives from Marathon Petroleum Corp, Valero Energy Corp, and Exxon Mobil Corp and complained they had cut back on oil refining to pad their profits, according to a copy of the letter seen by Reuters.
The letter is also being sent to Phillips 66, Chevron Corp, BP and Shell, a White House official, who declined to be identified, told Reuters. US consumer inflation unexpectedly accelerated in May, leading to the largest annual increase in four decades. White House officials have hotly debated how to respond to a problem they once thought would fade and now see as largely out of their control.
The president, who came into office vowing to reduce US dependence on fossil fuels, now wants to speed up oil production, which is expected to hit record highs in the US next year.
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