White House to oil refiners: 'It is time to act'

President Joe Biden is calling on U.S. oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump.

In a letter to refiners Wednesday, Biden writes that oil companies need to work with his administration on "near-term solutions" to address the crisis.

Gas prices nationwide average roughly $5 a gallon, an economic burden for many Americans and a political threat for Biden's fellow Democrats before midterm elections.

At the White House briefing Wednesday, press secretary Karine Jean-Pierre called on refiners to act, insisting it's a "patriotic duty."

"Oil refineries, they have a responsibility too. What they have been doing is taking advantage of the war," Jean-Pierre said.

"What we're trying to do by putting out the letter, we are saying, 'hey, we need you to act. It is time to act. We want to have a conversation. We want to come to a solution.'" she added.

The letter notes that gas prices were averaging $4.25 a gallon when oil was last near the current price of $120 a barrel in March.

That 75-cent difference in average gas prices in a matter of just a few months reflects both a shortage of refinery capacity and profits that "are currently at their highest levels ever recorded," the letter states.

As Biden sees it, refineries are capitalizing on the uncertainties caused by "a time of war." His message that corporate greed is contributing to higher prices has been controversial among many economists, yet the claim may have some resonance with voters.

The American Petroleum Institute, which represents the industry, said in a statement that capacity has been diminished as the Biden administration has sought to move away from fossil fuels as part of its climate change agenda.

The letter is unlikely to start a chain of events that would boost supplies. Refineries have gone through unprecedented, unplanned maintenance globally in the last three months and there is an extreme shortage being felt across the globe.