Biden criticizes US oil companies for high inflation

[yota691]

Biden criticizes US oil companies for high inflation

 

Arabic and international
   

Economy News-Baghdad
US President Joe Biden accused the US oil industry, and Exxon Mobil in particular, on Friday of exploiting supply shortages to amplify profits .

Biden, who took office vowing to reduce the United States' dependence on fossil fuels, said he hoped to accelerate oil production, which is expected to reach record levels in the United States next year .

But he also sounded a warning to the sector, whose profits have soared with rising prices, noting that consumers are paying for more than just rising labor and shipping costs .

"Exxon has made huge profits this year," Biden said in a speech to port workers and union representatives in the Port of Los Angeles, adding that US oil companies are not using the profits to drill for more but to buy back shares .

"Why don't they drill? Because they make more money without producing more oil, " he added.

He told Exxon Mobil that it should "start investing and start paying its taxes".

 

 

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181 views

Added 06/11/2022 - 9:35 AM

Update 06/11/2022 - 4:48 PM

[yota691]

Biden administration places latest blame on oil companies for gas crisis
116,076 views Jun 7, 2022

[md11fr8dawg]

Everybody"s fault except the Big GUY, because we ALL know he has been right for the last 50 years and has contributed so much to this country. Yeah, RIGHT

[yota691]

Oil Prices! The TRUTH that nobody will tell you

[CSM (R) Thack]

[CSM (R) Thack]

9 hours ago, yota691 said:

Biden criticizes US oil companies for high inflation

 

Arabic and international
   

Economy News-Baghdad
US President Joe Biden accused the US oil industry, and Exxon Mobil in particular, on Friday of exploiting supply shortages to amplify profits .

Biden, who took office vowing to reduce the United States' dependence on fossil fuels, said he hoped to accelerate oil production, which is expected to reach record levels in the United States next year .

But he also sounded a warning to the sector, whose profits have soared with rising prices, noting that consumers are paying for more than just rising labor and shipping costs .

"Exxon has made huge profits this year," Biden said in a speech to port workers and union representatives in the Port of Los Angeles, adding that US oil companies are not using the profits to drill for more but to buy back shares .

"Why don't they drill? Because they make more money without producing more oil, " he added.

He told Exxon Mobil that it should "start investing and start paying its taxes".

 

 

---

181 views

Added 06/11/2022 - 9:35 AM

Update 06/11/2022 - 4:48 PM

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[nstoolman1]

He is a dementia ridden old man being mentally abused. 

Someone needs to be arrested for elder abuse.

["Fred"]

[CSM (R) Thack]