US PRESIDENT JOE BIDEN WANTS OIL COMPANIES TO DO MORE TO TACKLE HIGH FUEL PRICES

United States President Joe Biden has written to oil companies, demanding answers on why they are not putting more gasoline in the market, amidst record high prices for gasoline and diesel in the world’s biggest economy. Reuters is reporting that Biden used a letter on Wednesday to executives of Marathon Petroleum Corp, Exxon Mobil Cor and Valero Energy Corp complaining they had cut back oil refining to fuel their profits. The President wants their refineries to produce more gasoline and diesel. A White House official also indicated the letter is being sent to the head honchos as Shell, BP and Chevron Corp. However, US refiners say they are running at around 94 per cent of capacity and there is little they can do to satisfy Biden’s demands. Record petrol prices have pushed US headline inflation to a 40-year record. Biden has also been keeping an eye on the political calculus, amidst concern his Democratic Party could pay a high price politically in this year’s mid-term elections. Biden has also attributed rising energy prices to US-led sanctions against Russian energy supplies in the wake of the war in Ukraine. Concomitantly, he is also ratcheting up the pressure on oil refiners to do more to tackle the problem with more supplies.

Rising fuel prices have also hit the Caribbean hard, with Antigua and Barbuda among several countries which have been forced to hike retail prices after feeling the pinch from higher ex-refinery prices. Motorists in Antigua and Barbuda are paying $17.50 for a gallon of gasoline and $17.25 for a gallon of diesel.