DINO - Exxon responds to Biden's request for solutions to the oil refining crisis

Late Wednesday, Exxon (XOM) responded to Biden's letter requesting solutions to the ongoing oil refining crisis. In the short term, "the US government could enact measures often used in emergencies following hurricanes or other supply disruptions -- such as waivers of Jones Act provisions and some fuel specifications to increase supplies." In the long term, "government can promote investment through clear and consistent policy that supports US resource development, such as regular and predictable lease sales, as well as streamlined regulatory approval and support for infrastructure such as pipelines." In short, Exxon (XOM) does not appear to believe that there is excess capacity in the US refining system that could easily be returned to service (VLO) (MPC) (PSX) (DINO).

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Exxon responds to Biden's request for solutions to the oil refining crisis