SAAFY - Biden solicits proposals to combat oil refining crisis

The President penned a letter to energy executives Wednesday, acknowledging the global refining capacity shortage, and asking for help. On the President's numbers, ~3.0mb/d of refining capacity has shuttered since the beginning of the pandemic. With demand for gasoline and diesel recovering, refining margins are "well above normal."  In late May, the President went hunting for spare refining capacity in the US. Having come up empty handed, Wednesday's letter directed industry, "to work with my Administration to bring forward concrete, near-term solutions that address the crisis." Tuesday, the CEO of Total (TTE) Patrick Pouyanne said, "oil and gas companies that have listened to policymakers' calls for less investment in fossil fuels is one of the reasons for current globally tight energy supplies." A statement that is likely to resonate with industry and investors. Shell (SHEL) alone operated 54 oil refineries in 2004. But in hopes of reducing the company's climate impact,

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Biden solicits proposals to combat oil refining crisis