Even large oil companies are pushing back against Biden.
In recent statements by both ExxonMobil and Chevron, the two oil companies slammed Biden for attacking oil companies for making large profits and instead encouraged Biden to have policies that support infrastructure such as pipelines.
Chevron was quoted saying “we expect the Administration’s approach to energy policy will start to better reflect the importance of addressing them”.
ExxonMobil would go on record saying we need “emergency measures such as waivers of Jones Act provisions and some fuel specifications to increase supplies”.
— Newsmax (@newsmax) June 16, 2022
The Hill had more on the story:
ExxonMobil and Chevron released statements this week saying the Biden administration could be doing more to address oil prices as the president has gone after the companies for making large profits while gas prices spike.
On Tuesday, President Biden slammed oil executives in a letter saying they had unacceptably high profit margins while regular Americans are suffering and calling on the industry to work with the administration to address increased prices from the Russian invasion of Ukraine.
“We understand the significant concerns around higher fuel prices currently faced by consumers around the country, and the world. We share these concerns, and expect the Administration’s approach to energy policy will start to better reflect the importance of addressing them,” Chevron said in a statement targeting Biden.
ExxonMobil offered short- and long-term solutions for high oil prices in response.
The company said emergency measures “such as waivers of Jones Act provisions and some fuel specifications to increase supplies” could be used to address short-term concerns. Long-term policies could include “streamlined regulatory approval and support for infrastructure such as pipelines,” it suggested.
Following Exxon Mobil’s scathing response to Joe Biden’s threat to use “emergency authorities” against oil companies to make them produce more fuel, more industry leaders have issued equally damning come backs.https://t.co/DU3uiIonWe
— Paul Joseph Watson (@PrisonPlanet) June 17, 2022
ExxonMobil responds to Biden… pic.twitter.com/mirdiY1UNm
— Ben Owen 🇺🇸 (@hrkbenowen) June 16, 2022
Fox Business shared these details:
ExxonMobil fired back at President Biden after he threatened them with “emergency powers” if they don’t boost supply to temper surging gas prices.
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 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.