Joe Biden's spat with American corporate executives intensified this week as he traded barbs with the CEO of Chevron Corp CVX, while Target Corp's TGT chief executive slammed the U.S. President's idea of a gas tax holiday.
What Happened: Biden reportedly called Chevron CEO Michael Wirth “mildly sensitive” on Tuesday, after the latter's rebuttal to the President criticizing energy firms for high gas prices.
“I didn’t know they’d get their feelings hurt that quickly,” The New York Post reported on Tuesday.
In an open letter response to Biden, Wirth addressed global supply and demand imbalances related to energy.
“Addressing this situation requires thoughtful action and a willingness to work together, not political rhetoric,” Wirth wrote.
“We ought to be able to work something out whereby they’re able to increase refining capacity and still not give up on transitioning to renewable energy," Biden was reported as saying at a White House press conference.
Target CEO Brian Cornell criticized Biden’s plans to cut gas taxes and his idea of a gas rebate card at the Economic Club of New York on Tuesday, the Post reported separately.
See Also: How To Buy Target (TGT) Shares
Why It Matters: Last week, Biden had penned a letter to oil executives criticizing them for high gas prices.
“At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable," he had said.
Wirth responded to Biden’s letter by saying Chevron produced the highest volume of oil and gas in its 143-year history.
Biden's gasoline tax holiday idea was blasted by Target's Cornell, who said America should instead be looking at ways of lowering prices by raising supply, reported the Post.
“Gas cards will be a mini-stimulus,” Cornell reportedly said. “It’s time to fundamentally change the supply and demand curves for fuel and transportation.”
Price Action: On Tuesday, Chevron shares closed 4.2% higher at $154.19 in the regular session, but rose 0.2% in extended trading. On the same day, Target shares closed 3.9% higher at $144.70 in regular trading and fell 0.1% in the after-hours session.
Read Next: Joe Biden Backs Apple Workers Joining Maryland Union: 'Proud Of Them'
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
