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Refiners Led by Exxon Face Biden’s Wrath as Profits Explode

  • Big five US refiners to earn record $10.4 billion this quarter
  • President steps up offensive against sector in letter to CEOs
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Exxon Mobil Corp., Marathon Petroleum Corp. and the other top US oil refiners are on course to reap a combined $10 billion in profits this quarter even as US President Joe Biden lambasts the industry for closing plants.

With little prospect for any near-term boost in gasoline output, the bonanza will go on for years, barring an economic crash, JPMorgan Chase & Co. said. Fuel supplies already are so tight that any surprise hiccup in the system, such as a hurricane that rakes Gulf Coast refineries, could force rationing, according to the bank.