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During a speech in Los Angeles on Friday, President Joe Biden blamed record oil prices on the oil industry and said U.S. oil companies like Exxon Mobil Corp were making massive profits last year.
“Exxon made more money than God this year,” the Catholic president told union officials in the port of Los Angeles, as the national average gas price is $ 4.99 a gallon.
In 19 states, the price of a gallon of gasoline exceeds $ 5, according to the AAA Motorists Group.
US President Joe Biden speaks during the opening plenary session of the Ninth Summit of the Americas in Los Angeles, California, USA, June 9, 2022. (REUTERS / Daniel Becerril / Reuters)
Biden also accused the largest U.S. oil company of spending its profits on buying shares, rather than using it to drill and produce more oil.
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“Why aren’t they drilling? Because they make more money by not producing more oil,” the president said. “Exxon, start investing and start paying your taxes.”
A petrol pump is seen at an Exxon gas station in Brooklyn, New York, USA, November 23, 2021. REUTERS / Andrew Kelly (REUTERS / Andrew Kelly / Reuters)
Exxon responded to Biden’s comments by saying that the company has spent tens of billions in taxes and continues to expand its operations.
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“We have been in regular contact with the administration, informing them of our planned investments to increase production and expand refining capacity in the United States,” spokesman Casey Norton told Reuters.
Norton also said Exxon will expand its operations in Texas through an expansion of the refinery.
The expansion is large enough to form a “new medium-sized refinery,” Norton said, according to the report.
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Exxon paid $ 40.6 billion in taxes in 2021 after losing nearly $ 20 billion the previous year, the spokesman added.
Leading U.S. oil producer Exxon Mobil Corp. has begun an annual review of U.S. staff performance, a process some workers fear because they see it this year as a prelude to stealthy layoffs. (AP Photo / Matt Rourke) (AP Photo / Matt Rourke / AP Newsroom)
During his appearance on “Jimmy Kimmel Live!” of ABC. On Wednesday, Biden also blamed oil companies for high gas prices.
“Oil companies, instead of everyone, say, ‘Well, Biden won’t let them drill.’ “You know why? Because they make more money without drilling and buying back their own shares.”
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While pushing for oil, the president acknowledged “the world’s fastest-growing economy.”
Kristen Altus of Fox News contributed to this report.