Biden chastises oil industry over fuel costs

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Washington (AFP) – US President Joe Biden on Wednesday chastised the oil industry over soaring fuel prices at the heart of 40-year high inflation, warning of unspecified emergency measures. The letter, sent to seven major oil corporations, was Biden’s most direct salvo yet in a campaign to blame the industry for stoking price increases.¬† Average fuel prices are now $5 a gallon for drivers in the United States, up from $3 a year ago, and the spike is reverberating through the entire economy, helping to sink Biden’s approval ratings to below 40 percent. “Refinery profit margins well above normal…

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