Biden is going after oil company profits, blaming them for the rising fuel prices that have been caused by his policies. Russians, Republicans, oil companies, it is everyone else’s fault that his socialist policies are failing. Isn’t that always the case when communism and socialism fail? They didn’t do it right? Or something?
At any rate, he has demanded that they slash profits and make more fuel. This is impossible, of course. US refineries are already at 96% of capacity, and it would take years to build new refinery capacity, even if the Democrats would grant the permits. In fact, oil companies will likely not build another refinery in the US, ever. Since the west has stopped buying Russian fuel, the refineries that are remaining just can’t keep up.
Instead, the left will continue to blame oil company profits. Look for price controls to come next. Perhaps a Biden EO nationalizing the oil industry. Or a 100% tax on oil company profits, or perhaps they will come up with something else that is even less likely to work, but more likely to screw things up more. Why?
That’s what socialists/communists do.