Executives from two U.S. oil industry trade groups on Wednesday rebutted President Joe Biden’s accusations that refiners were reaping undue profits, denying his claims that the sector is not doing its part to ramp up production and lower energy costs and instead placing blame on his policy agenda.

American Petroleum Institute President Mike Sommers and American Fuel and Petrochemical Manufacturers CEO Chet Thompson noted in a letter that U.S. refiners are currently running at a “world-leading” 94% of capacity.