Liberal Forum

Ike » wrote:

24 Jan 1970, 2:08 pm

Huey » 15 Jun 2022, 11:27 am » wrote: ↑

15 Jun 2022, 11:27 am

Someone is drinking the Kool-Aid

Not an argument you flaccid, limp, impotent, rape fantasizing, incel misfit.

 

Ike » wrote:

24 Jan 1970, 2:07 pm

Biden tells oil companies in letter ‘well above normal’ refinery profit margins are ‘not acceptable’

Here is a link that works:

https://www.cnbc.com/2022/06/15/biden-t ... table.html

Some issues from your article:Refiners can’t just ramp up output, with utilization rates already above 90%. Additionally, some refiners are now being reconfigured to make alternate products like biofuel.
 Refining capacity has dropped since the pandemic took hold, which is a factor in the rapid advance of fuel prices. Demand has returned as economies restart and people travel once again, but supply remains tight.

And:

 ‘Nothing left to ramp up’Still, there is no easy solution.

John Kilduff, partner at Again Capital, said refiners are working at historically high level.

“There is nothing left to ramp up,” he said.

Kilduff noted that no new refineries have been built in decades, but existing units have been expanded. Prior to the pandemic, there had been excess refining capacity, which pressured profits.

“Years of sanctions on Venezuela and Iran, and now Russia, has more than contributed to the current situation,” he said.

The industry says the administration’s policies are to blame for the surge in prices.“

While we appreciate the opportunity to open increased dialogue with the White House, the administration’s misguided policy agenda shifting away from domestic oil and natural gas have compounded inflationary pressures and added headwinds to companies’ daily efforts to meet growing energy needs while reducing emissions,” Mike Sommers, president and CEO of the American Petroleum Institute, said Wednesday.

The industry group sent a letter to Biden on Tuesday outlining 10 steps the administration and Congress should take to tackle the energy crisis, including lifting development restrictions on federal lands and waters and accelerating LNG exports.