Struggling Joe Biden blames big oil for rising inflation
President Joe Biden, who is dealing with record inflation that weighs on his administration and approval ratings, has accused the U.S. oil industry, particularly ExxonMobil, of making a profit on supply shortages.
In the United States, consumer inflation rose in May, fuel prices reached new heights, and food prices skyrocketed, the highest annual increase in four decades.
Biden, who campaigned for a reduction in US dependence on fossil fuels, said Friday that he hoped to increase oil production, which is expected to reach new heights in the United States next year.
However, he cautioned against businesses whose profits have risen as prices have risen, indicating that consumers are paying more than just the larger labor and transportation costs.
Speaking to Dockworkers and union representatives at the Port of Los Angeles, Biden said, “Exxon has made more money this year than God.” He noted that in the United States, oil corporations are reinvesting profits instead of digging further.
“They’re not drilling, so why aren’t they?” They make more money without producing more oil because they make more money without producing more oil, “he said.” Start investing and pay your taxes, Exxon. “
Biden punished the U.S. oil, gas and refining industry on Friday in a statement on May inflation numbers, saying they had “taken advantage of the challenge posed by the war in Ukraine as a result of taking extra profits or making matters worse for families with prices.” Hicks. “
When Exxon reported its fourth-quarter profit in February, it claimed the highest quarterly profit in seven years. In May, Shell Record announced first-quarter profits, while Chevron Corp. And BP has recorded their best results in over a decade.
Other giants, such as TotalEnergy and independent US shell operators, have announced strong results as major industry companies focus on repurchasing shares and investing dividends.
Several companies have said they are pushing back on spending which could boost oil supplies to reduce oil prices by more than $ 100 per barrel, as investors wish.
The Biden administration has tried many ways to reduce prices, but rising costs have turned into a political nightmare. These include record releases of barrels from US strategic reserves, waivers of laws governing summer gasoline production, and pressure on key OPEC members to increase production.
Biden has called on Congress to approve measures that would reduce the cost of energy, prescription drugs and shipping.
Biden noted at the port that shipping businesses made 190 190 billion a year, a sevenfold increase. He was so “visually upset” at the situation that he wanted to “pop these”.
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