ExxonMobil has retaliated against President Biden. Biden is threatening ExxonMobil with emergency powers if they do not boost supplies to cool skyrocketing gas prices. Biden blasted ExxonMobil Friday for not producing more oil, as skyrocketing gas prices strain American pocketbooks and diminish the U.S. leader’s popularity before midterm elections.
In a statement released Wednesday from the company, ExxonMobil said it has been in regular contact with the administration providing updates on how it has been investing “more than any other company to develop U.S. oil and gas supplies.”
ExxonMobil said it had invested $118 billion on new oil and gas supplies over the past five years, compared to a net income of $55 billion resulting in an almost 50% increase in its U.S. production of oil during that period.
ExxonMobil said it has been investing through the economic downturn to increase refining capacity to process U.S. light crude by some 250,000 barrels per day, which equates to a new medium-sized refinery.
“We kept investing even during the pandemic when we lost more than $20 billion and had to borrow more than $30 billion to maintain investment to increase capacity to be ready for post-pandemic demand,” the company said.
The statement ended by imploring the Biden administration to rather than threatening with emergency powers “promote investment through clear and consistent policy that supports U.S. resource development.” “msn.com“
Biden’s increasingly pointed criticism of oil companies as they are said to be ripping off consumers has come in the past few days, with gas prices remaining at $5 per gallon. On the issue of higher gas prices, Biden has alternated between blaming Russian President Vladimir Putin for the invasion of Ukraine and seeking profits from ExxonMobil.
Exxon Mobile noted that the Biden administration has already released oil from U.S. strategic reserves and increased standards for ethanol blends, although neither action has placed sustained downward pressure on prices.
Biden has warned Valero, an oil company’s CEO, that he is prepared to use all prudent and appropriate tools of the federal government, with an Executive order to expand oil refinery capacity and production, according to the letter.
Biden sent letters Wednesday to seven large oil companies saying that if they did not boost the production of fuels at their domestic refineries, he would take action. Biden called Wednesday for American oil refiners to pump more gasoline and diesel, saying their profits had tripled in the midst of the war between Russia and Ukraine, while Americans have been struggling with record-high prices at the pump.
Chevron has been in regular contact with the Biden administration, updating Biden and his staff about how ExxonMobil has invested more than any other company in developing U.S. oil and gas supplies.
I had to repeat that. We need to be drilling and becoming self-sustaining. Democrats are panicking because they will certainly lose the House and Mabey (here’s hoping) even the Senate. The only thing Republicans need to do after that is re-take the White House.
God Bless the United States, God Bless the Veterans
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