US President Joe Biden on Wednesday demanded oil refining companies explain why they are not putting more petrol on the market, sharply escalating his rhetoric against the industry as he faces pressure over rising prices.
Mr 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, a copy of the letter seen by Reuters showed.
The letter is also being sent to Phillips 66, Chevron Corp, BP and Shell, an anonymous White House official told Reuters.
“At a time of war, refinery profit margins well above normal being passed directly on to American families are not acceptable,” Mr Biden wrote and added that the lack of refining was driving petrol prices up faster than oil prices.
Energy companies in the US are enjoying bumper profits as the Russian invasion of Ukraine has added to a supply squeeze which has driven crude oil prices above $100 a barrel and as fuel demand has remained robust, despite record-high petrol prices.
Refining capacity in the US peaked in April 2020 at a little less than 19 million barrels per day, as refiners shut several unprofitable facilities during the coronavirus pandemic. As of March, refining capacity was 17.9 million bpd, but there have been other closures announced since.
Refiners are running at near-peak levels to process fuel — currently at 94 per cent of capacity — and say there is little they can do to satisfy Mr Biden's demands.
“Our refineries are running full out,” Bruce Niemeyer, corporate vice president of strategy and sustainability at Chevron, told Reuters on the sidelines of a New York energy transition conference on Tuesday, before Mr Biden’s letter was made public.
The US president said the industry's lack of action is blunting the administration's attempts to offset the impact of oil-rich Russia's invasion of Ukraine, such as releases from the nation's oil reserves and adding more ethanol, which is cheaper, to petrol.
On Friday, the president accused the US oil industry, and Exxon Mobil Corp in particular, of capitalising on a supply shortage to fatten profits.
Mr Biden has been intensifying attacks against oil companies as prices at the pump race to record highs above $5 per gallon and inflation surges to a 40-year record.
Privately, White House officials have been reaching out to refiners to inquire about idled plants and spare capacity and whether there are other ways to increase petrol supply, said two sources familiar with the discussions.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Company%C2%A0profile
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Kalra's feat
- Becomes fifth batsman to score century in U19 final
- Becomes second Indian to score century in U19 final after Unmukt Chand in 2012
- Scored 122 in youth Test on tour of England
- Bought by Delhi Daredevils for base price of two million Indian rupees (Dh115,000) in 2018 IPL auction
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The five pillars of Islam
The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
Our Time Has Come
Alyssa Ayres, Oxford University Press
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
