President Biden's Letter To Oil Companies = Nationalizing Of Oil Industry?

[JohnyMac]

As we have learned, President O' Biden has written a sternly worded letter to the oil industry demanding that they increase oil production.

President Biden once again accused oil companies of not doing enough to offset soaring gas prices on Wednesday, telling the seven major refiners their profit margins were "well above normal," as the White House continued to point fingers for economic problems everywhere but at 1600 Pennsylvania Avenue.

"[A]t a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable​," Biden wrote in a letter to Exxon Mobil CEO Darren Woods.

Similar letters were dispatched to the heads of Chevron, Shell, Phillips 66, BP, Marathon and Valero.

"Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis and respect the critical equities of energy workers and fence-line communities," the president added in the Woods letter, before calling on the refiner to detail "any reduction in your refining capacity since 2020 and any concrete ideas that would address the immediate inventory, price, and refining capacity issues in the coming months' including transportation measures to get refined product to market." - New York Post

I believe that this is the first salvo of a new campaign by O' Biden's puppeteers, to make a case for nationalizing the oil industry. One of the steps needed on the road to the Build, Back, Better agenda.

Stay tuned, 

[Nemo]

Unfortunately I must agree with you.

Nemo

[Felix]

Nationalize?
How could they possibly entice Boards and their shareholders to go along with such?
Law, bribe, act of conscience for the good of our planet?

[JohnyMac]

Felix, the oil companies are being hampered today by ESG (Environmental, Social, Governance) scores. They can not get loans to explore due to the ESG scores.

Today it is the oil companies being stifled with ESG scores but I didn't do anything because I was not invested in oil companies................then "they" slapped an ESG score on me.

[Jackalope]

   I imagine those letters were circular filed.  Let's see,  mean tweets vs. sternly worded letters.  Where do we go from here?  Unfortunately, it's only going to get worse.

[Felix]

"ESG" scores are the bugga-boo?     I'd a thought they would be self-financing.   Sows ya what a babe-in-the- woods I am I guess.
Whattabout resisting?   Going ahead, begging forgiveness rather than asking permission?
At some point, out and out defiance is going to have to rear its head unless we want to get vaxxed, double boosted and micro-chipped 'till the cows come home.    Oil companies are _corporations_ , but now just puppets who can't cut strings that are killing them?
Guess I'm not a happy share-holder...

[JohnyMac]

Felix,