Biden Should Take Over Oil Refining Industry

In its quest to find someone to blame for high gas prices, the White House has zeroed in on a new villain: oil refiners. In a letter this week—as gas prices reached $5 per gallon—Biden called “high refinery profit margins” unacceptable, pledging to use “all reasonable and appropriate federal government tools” to bring more refined products to market and lower prices at the pump. That language doesn’t suggest that he’s considering having the government take over refining, but this would, in fact, be entirely reasonable and appropriate—and more effective than any measures he’s considering. Read Full Article »