Biden Wrote a Stern Letter to Oil Refiners. His Government Should Take Over the Industry Instead. ...Middle East

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Biden Wrote a Stern Letter to Oil Refiners. His Government Should Take Over the Industry Instead.
In its quest to find someone to blame for high gas prices, the White House has zeroed in on a new villain: oil refiners. In a letter this week—as gas prices reached $5 per gallon—Biden called “high refinery profit margins” unacceptable, pledging to use “all reasonable and appropriate federal government tools” to bring more refined products to market and lower prices at the pump. That language doesn’t suggest he’s considering having the government take over refining, but this would, in fact, be entirely reasonable and appropriate—and more effective than any measures he’s considering.The U.S. has lost about 5 percent of its refining capacity since the start of the pandemic, when demand for oil

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