Biden threatens use of emergency powers on oil companies if they don’t ramp up production

In the letters, obtained by Fox Business, Biden said that oil companies are running on "historically high profit margins" while Americans are forced to pay historic prices at the gas pump. Last week, the national average for a gallon of gas surpassed $5.

"There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing," Biden wrote in one of the letters. "But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain."

"Your companies and others have an opportunity to take immediate actions to increase the supply of gasoline, diesel and other refined product you are producing," he added.

"My administration is prepared to use all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied," Biden said.

These letters were sent to Shell, BP, Chevron, Phillips 66, ExxonMobil, Marathon Petroleum Crop, and Valero Energy Corp, making up some of the largest petroleum companies in the US.

These letters come as Biden ordered another 45 million barrels of crude oil be released from the US Strategic Oil Reserve on Tuesday, and as Inflation sits at a 40 year high, at 8.6 percent.

Biden’s reportedly letters gave no timeline as to when these actions would be taken, only that it would happen in the "near future."

The Biden administration has continually blamed high gas prices on Putin, as well as oil companies not taking advantage of available leases for drilling.

In March, former White House Press Secretary Jen Psaki said that "We have actually produced more oil at record numbers and we will continue to produce more oil. There are 9,000 approved drilling permits that are not being used. So the suggestion that we are not allowing companies to drill is inaccurate. The suggestion that that is what is hindering or preventing us prices to come down is inaccurate."

"90 percent of them happen on private lands," Psaki said, "as I'm sure you know, and there are 9,000 unused, approved drilling permits. So I would suggest you ask the oil companies why they're not using those if there's a desire to drill more."

In May, the administration cancelled the sale of a million-acre oil and gas lease in Alaska due to "lack of industry interest in leasing in the area."