14 days ago • Posted by Paul de La Baume

#Biden calls on #oil companies to act. $XOM $CVX $PSX $VLO $MPC #trading

US President Biden called on US oil refining companies to increase production to alleviate the burden of higher oil prices on consumers. Companies must take action to increase the availability of gasoline, diesel, and other refined products. The average gallon of gas in the US is 54 cents more expensive than a month ago. Biden said the White House is prepared to use all reasonable tools and emergency authorities to increase refinery capacity and output. Crude oil WTI prices dropped on the news, before recovering as supply remains tight and the post-Covid re-opening (including China) supports a strong demand. Later today we will have crude oil inventories data.