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Biden Tells US Oil Refiners Record Profits ‘Not Acceptable’

June 15, 2022

President Joe Biden told U.S. oil refiners that unprecedented profit margins are unacceptable and called for “immediate action” to improve capacity as the soaring price of gasoline feeds record inflation and fears of a recession.

“At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable,” Biden said in a letter sent June 15 to top oil companies.

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