Bill Johnson, R-Ohio, argues that the White House blamed oil companies for high energy prices, Biden’s fossil fuel policies, and Energy Secretary Jennifer Granholm allegedly exercised $ 6 million in electric car stock options.
ExxonMobil reacted against President Biden after threatening them with “emergency powers” if they do not increase supply to temper rising gas prices.
In a statement released by the company on Wednesday, ExxonMobil said it had been in regular contact with the administration providing updates on how it has been investing “more than any other company to develop the U.S. oil and gas supply.”
Gasoline prices are displayed on a ExxonMobil gas station sign on June 9, 2022 in Houston, Texas. (Brandon Bell / Getty Images / Getty Images)
ExxonMobil said it had invested $ 118 billion in new oil and gas supplies over the past five years, compared to a net income of $ 55 billion, an increase of almost 50% in its oil production in the United States during this period.
ExxonMobil said it has been investing during the economic downturn to increase refining capacity to process US light crude by about 250,000 barrels per day, which equates to a new medium-sized refinery.
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“We continued to invest even during the pandemic, when we lost more than $ 20 billion and had to borrow more than $ 30 billion to maintain the investment to increase the capacity to be prepared for post-demand. pandemic, “the company said.
The statement ended up imploring the Biden administration that, rather than threatening the emergency powers, “promote investment through a clear and coherent policy that supports the development of U.S. resources.”
Biden has recently faced a barrage of criticism over the lack of executive action aimed at curbing inflation. As for higher gas prices, the president has torn between blaming Russian President Vladimir Putin for his invasion of Ukraine and the profit of the oil company.
“There is no doubt that Vladimir Putin is primarily responsible for the intense financial pain that the American people and their families are suffering,” Biden wrote in a series of letters to oil CEOs on Wednesday. “But in the midst of a war that has raised gasoline prices by more than $ 1.70 a gallon, the refinery’s historically high profit margins are exacerbating this pain.”
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“Your companies and others have the opportunity to take immediate action to increase the supply of gasoline, diesel and other refined products that you are producing,” he continued. “My administration is prepared to use all reasonable and appropriate tools of the federal government and emergency authorities to increase the capacity and production of the refinery in the short term and to ensure that all regions of this country are adequately supplied. “.
Fox News White House correspondent Peter Doocy asked White House Press Secretary Karine Jean-Pierre on Thursday why the Biden administration was calling on oil companies to increase productivity at refineries instead of asking for more drilling.
White House Press Secretary Karine Jean-Pierre speaks at a press conference in the James S. Brady Press Conference Room at the White House in Washington, DC, USA on Wednesday, June 15, 2022. (Ting Shen / Bloomberg via Getty Images / Getty Images)
Jean-Pierre argued that oil companies cut the capacity of refineries at the start of the COVID-19 pandemic and have not yet increased that capacity to pre-pandemic levels.
When asked why the president “didn’t just drill more here in the US,” Jean-Pierre replied, “Because we don’t have to do that.”
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“What we need [oil companies] to do that is, with the oil that is there, we need to refine that oil so that capacity goes up and prices go down, ”he said.
Anders Hagstrom of FOX Business contributed to this report.