In a copy of a letter seen by Reuters, it is said that US president, Joe Biden, had wrote to executives from Marathon Petroleum, Valero Energy, Chevron, BP, Shell and Exxon Mobil to complain about why they had cut back on oil refining to pad their wallets. The letter is said to read:
"At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable. The lack of refining capacity - and resulting unprecedented refinery profit margins - are blunting the impact of the historic actions my Administration has taken to address Putin's price hike and are driving up costs for customers."
Adding that US energy secretary, Jennifer Granholm, will plan an emergency meeting on how refiners can respond to higher prices but not before Biden demanding an answer from oil companies beforehand.
