President Biden Heeds Congressman Krishnamoorthi’s Call To Address Oil Refining Capacity Shortage To Reduce Fuel Prices, Congressman Presses For Further Action
President Biden’s efforts to enhance refining capacity follow Congressman Krishnamoorthi’s June 2nd letter urging the President to use all available tools to increase capacity, including the Defense Production Act
WASHINGTON – Congressman Raja Krishnamoorthi welcomed President Biden's letter to oil refiners urging immediate action to increase the fuel supply and reduce fuel prices. The Congressman previously sent a letter to the President on June 2, 2022 highlighting the urgent shortage of refining capacity in the United States and the impact this is having on retail gasoline prices. In that letter, Congressman Krishnamoorthi called on the President to use all available tools, including the Defense Production Act, to bring idled refineries back online and expand U.S. refining capacity for a limited time while also being careful not to sabotage the administration's climate goals. The Congressman is encouraged to see the President act on the issue following his letter and issued the following statement today:
"After losing roughly 1 million barrels per day of refining capacity since the start of the COVID-19 pandemic, we're now seeing demand for gasoline and other fuels return to pre-pandemic levels at a time when we don't have capacity to meet that demand, and prices are rising in part as a result. Meanwhile, the companies that own these refineries are making near historic profits, and they're not showing any interest in restarting these refineries. That's why I've called on President Biden to use all powers available to him, including the Defense Production Act, to incentivize and help companies to restart these refineries. Using the Defense Production Act, the President could provide the technical and financial assistance necessary to restart these refineries for a limited time and bring down gas prices without derailing our vital efforts to stop climate change. I'm encouraged to see the President heed my letter and turn up the pressure on these companies to expand refining capacity. I further urge the President to take all necessary action to swiftly restart idled refineries."