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hear, the reason he wrote this letter is because he wants to hear from these refining entities about why was it, for example, when oil was $120 a barrel in march, and we paid about $4.25 a gallon, but today when oil is the same price on a global market, we re paying over $5 a gallon? what s causing that 75-cent delta? we know that as you noted earlier in the show the capacity has come offline, refining capacity. but even between march and today, we are seeing these massive profit taking on the part of refiners. and so the president is calling both the production oil to increase in the united states, and around the world, and he s calling upon refinery capacity to increase and he s calling them to a meeting to say what can we do to help make that happen? we talk about the tools, you mentioned some of the proposals being discussed in congress.
lucrative because we are going to ship those winnings back to the country [inaudible] and then you can deal with the revenue from a windfall profit tax and this is really important you can take it and ship it back to consumers as, effectively, rebates and help them cover those rising costs. if there was a republican president, republicans might be willing to do that. but if you really think they are going to be willing to do that with joe biden in the white house, when they can run let s move on to the next thing. president biden has gone really hard. and democrats have, against these oil companies, who truly are profit taking. here is back in april. democrats did hold a hearing on price gouging and ceos denied any responsibility. here s how that looked. y reour shareholders expect us o operate in a way that delivers a return on capital invested while providing additional value in the form of cash returns. no single company set the price of oil or gasoline. shell is not set
you are a global ceo, bernard loony, recently stated, and i quote that bp is literally he says, literally, a cash machine when oil prices are at this level. gas prices need to go down and while the rest of america is trying to make this happen, you all are trying to increase record profits. prices don t have to be this high. you all can make decisions today that will help our constituents tomorrow. oil companies are a cash machine when oil prices are at this level. that s true. what percentage of the problem are these ceos? these companies that are profit taking at the expense of the consumer? yeah, i think the real issue here is that companies are not willing to lift a finger to bring more production on line. the reason for that is, it cost