US Department of Energy has requested to meet with refiners about prices by June 21

Dhwani Mehta FXStreet

The US Department of Energy has requested to meet with refiners to discuss prices no later than June 21, Reuters reported, citing sources with knowledge of the matter.

The sources also reported that the US Energy Secretary has requested a meeting with refining executives about gas prices no later than June 21.

This comes after US President Joe Biden wrote to energy refiners on Wednesday, asking them to explain why they are not putting more fuel on the market as they reap windfall profits. Biden is under immense political pressure over sky-high gasoline prices.

Exxon Mobil, in response to repeated calls from the US administration, said: We’ve been investing through the downturn to increase refining capacity…kept investing even during the pandemic when we lost >$20B and had to borrow >$30B to maintain investment to increase capacity to be ready for post-pandemic demand.”

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