Shares of Chevron (NYSE: CVX) cooled off this morning, sinking 5.4% within the first 20 minutes of the market's opening.

Chevron's CEO just wrote a letter to President Joe Biden, and the president isn't happy. Oil prices, meanwhile, are taking a pretty sharp hit today.

In a letter addressed to oil and gas giants last week, including Chevron, Biden partly blamed refiners' high profit margins for the sky-high price of gasoline at the pump, and called on refiners to take immediate action and increase production and supplies of gasoline, diesel, and other refined products to help bring down prices.

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Source Fool.com