(Argus Media) US President Joe Biden and his deputies are trading barbs with ExxonMobil and other refiners over what the administration sees as inflated gasoline prices caused by insufficient domestic inventories.
US energy secretary Jennifer Granholm on Friday offered a fresh critique of the oil sector’s profit margins and the alleged “failure of companies to maintain sufficient regional inventories.” Her remarks came in response to the leak of a letter in which ExxonMobil chief executive Darren Woods pushed back on her earlier request for the industry to focus on rebuilding domestic fuel inventories, rather than increasing fuel exports.
“This week’s letter from a company that made nearly $200mn in profit every single day last quarter, misreads the moment we are in,” Granholm said. “The fact is this: Energy companies are making record profits, with refiners and retailers posting margins that are well above average.”
