June 16, 2022 - 12:59 PM 232 views
According to Reuters, the US Department of Energy has sought a meeting with refiners to discuss prices no later than June 21, citing sources familiar with the situation.
According to the sources, the US Energy Secretary has sought a meeting with refining CEOs to discuss gas pricing by June 21.
This follows US President Joe Biden's Wednesday letter to energy refiners, in which he asked them to explain why they are not putting more fuel on the market while reaping windfall profits. Biden is under a lot of political pressure because of the sky-high petrol costs.
In reply to the continuous calls from the US administration, the Exxon Mobil said, “throughout the downturn, we've been investing to expand our refining capacity... Even during the epidemic, when we lost more than $20 billion and had to borrow more than $30 billion, we continued to invest to build capacity in preparation for post-pandemic demand."
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