ExxonMobil Fires Back At Biden After He Accuses Oil Companies Of Profiteering In Letter
Joe Biden simply refuses to accept any responsibility for rising gas prices. His policies are causing it but he just can’t or won’t admit it.
Instead, he has lashed out at everything and everyone else. First it was the pandemic, then it was Russia, now it’s the oil companies.
Biden recently sent a letter to oil companies accusing them of profiteering, but one company has fired back.
ExxonMobil ‘Comes Out Swinging’ in Response to Biden’s Letter to Oil Companies
ExxonMobil pushed back against the accusations President Biden lobbed against oil companies in his letter to executives this week.
The company said it has “invested more than any other company to develop U.S. oil and gas supplies” at a cost of more than $50 billion in the last five years. These investments have brought about a nearly 50 percent increase in the company’s U.S. production.
“Globally, we’ve invested double what we’ve earned over the past five years — $118 billion on new oil and gas supplies compared to net income of $55 billion,” the company said in a statement. “This is a reflection of the company’s long-term growth strategy, and our commitment to continuously invest to meet society’s demand for our products.”…
“Specific to refining capacity in the U.S., we’ve been investing through the downturn to increase refining capacity to process U.S. light crude by about 250,000 barrels per day – the equivalent of adding a new medium-sized refinery,” the statement said. “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.”
Good for them for speaking up.
Exxon comes out swinging! pic.twitter.com/NRMqgd3Ho0
— Eric Nuttall (@ericnuttall) June 15, 2022
Biden has been such a lying hypocrite on this issue.
WH begs oil cos to improve situation.
Can we drill? We’d rather you not.
Can we build a refinery? We’d rather you not.
Can we build a pipeline? We’d rather you not.
Just make it better. https://t.co/DBfpBu1mL3
— Patrick De Haan (@GasBuddyGuy) June 15, 2022
He has been railing against oil companies since the 2020 campaign.
Joe Biden in 2020: “No more subsidies for the fossil fuel industry. No more drilling including offshore. No ability for the oil industry to continue to drill period. It ends.” pic.twitter.com/90MVJevPmv
— Dan O’Donnell (@DanODonnellShow) March 8, 2022
All Biden would have to do is reverse some of his energy policies.
He refuses to do it.
Cross posted from American Lookout.
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