President Joe Biden has sent a letter to U.S. oil refiners to tell them that unprecedented profit margins are unacceptable, while calling for immediate action to improve capacity as the soaring price of gasoline feeds record inflation and fears of a recession. Biden said his administration was prepared to take steps that would help companies increase output in the near term, and said he’s ordering Energy Secretary Jennifer Granholm to hold an emergency meeting on the subject in the coming days. Oil industry leaders pushed back, with Chet Thompson, president of the American Fuel and Petrochemical Manufacturers association, saying, “Any suggestion that U.S. refiners are not doing our part to bring stability to the market is false.”

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