REPORT: Struggling Joe Biden Blames Big Oil For Rising Inflation

REPORT: Struggling Joe Biden Blames Big Oil For Rising Inflation

President Joe Biden, who is dealing with record inflation that is weighing on his administration and approval ratings, accused the US oil industry, specifically ExxonMobil, of profiteering on a supply shortage.

Consumer inflation in the United States surged in May, with fuel prices reaching new highs and the cost of food skyrocketing, resulting in the highest yearly increase in four decades.

Biden, who campaigned on a promise to lessen America’s reliance on fossil fuels, said on Friday that he hoped to boost oil output, which is anticipated to hit new highs in the US next year.

He did, however, give a caution to the business, whose profits have risen in tandem with price increases, indicating that customers are paying for more than simply greater labor and transportation expenses.

In a speech to dockworkers and union representatives at the Port of Los Angeles, Biden said, “Exxon made more money than God this year.” He noted that oil corporations in the United States are reinvesting profits rather than drilling more.

“They aren’t drilling, so why aren’t they? They make more money not producing more oil because they make more money not producing more oil “he stated “Start investing and paying your taxes, Exxon.”

Biden chastised the US oil, gas, and refining industries on Friday in a statement about May inflation numbers, saying they were exploiting “the challenge presented by the war in Ukraine as a reason to make matters worse for families with excessive profit-taking or price hikes.”

When Exxon released its fourth-quarter profits in February, it claimed its highest quarterly profit in seven years. In May, Shell announced record first-quarter profits, while Chevron Corp. and BP recorded their best results in a decade.

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Other giants, such as TotalEnergies and independent shale operators in the United States, announced solid results as the industry’s main companies focus on share repurchases and dividend investments.

Several firms have stated that they are deferring spending that may increase oil supply in order to cut $100-plus per barrel oil prices, as investors desire.

The Biden administration has tried many methods to cut prices, but the rising expenses have become a political nightmare. These include a record release of barrels from the United States’ strategic stockpiles, waivers of laws governing the production of summer gasoline, and pressure on OPEC’s main members to increase output.

Biden also asked Congress to approve measures that will lower the cost of energy, prescription drugs, and shipping.

Biden noted at the port that shipping businesses produced $190 billion in profit in a year, a seven-fold rise. He was so “viscerally enraged” over the situation that he wanted to “pop them,” he said.

The opinions expressed by contributors and/or content partners are their own and do not necessarily reflect the views of WayneDupree.com




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