While the push and pull between the oil and gas industry and Washington, D.C., is nothing new, the president has been stepping up his rhetoric recently andAt the heart of the debate is record-high gasoline prices that are hurting Americans at the pump and contributing to worsening inflation.
“Longer term, government can promote investment through clear and consistent policy that supports U.S. resource development,” read Exxon Mobil’s letter to the president, “such as regular and predictable lease sales, as well as streamlined regulatory approval and support for infrastructure such as pipelines.”For his part, the president has been calling on domestic oil and gas producers to ramp up drilling in hopes of easing prices at the pump.
“The reason they’re not drilling is they’re buying back their own stock, which should be taxed quite frankly, buying back their own stock and making no new investments,” Biden said. “So I always thought Republicans are for investment. Exxon: start investing and start paying your taxes, thanks.” Since the onset of the pandemic the refining capacity in the U.S. has decreased by about 800,000 barrels of crude oil per day, and globally it’s gone down by 3 million barrels per day. Last week, refineries were operating atIn Exxon Mobil’s response the company said it’s invested more than $50 billion and increased U.S. oil production nearly 50 percent over the past five years. The company also pointed to its efforts to boost refining capacity.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Joe Biden orders oil companies to explain why they're cutting gasoline production as prices soar above $5 a gallonPresident Joe Biden has demanded oil companies explain why they are cutting gasoline production, as prices soar to record highs right in the middle of the summer driving season. DPA time! US refineries are running at 94% capacity. What is the Biden clown doing to reopen the 6 refineries that closed in 2021? I miss not needing to worry about this when Trump was President.
Source: YahooNews - 🏆 380. / 59 Read more »
Biden Tells Oil Companies in Letter ‘Well Above Normal' Refinery Profit Margins Are ‘Not Acceptable'This is breaking news. Please check back for updates. President Joe Biden on Wednesday called on U.S. oil refining companies to produce more, saying they need to help alleviate the burden of high prices on consumers. “At a time of war – historically high refinery profit margins being passed directly onto American families are not acceptable,” the president said in… And they all laughed..... Your making too much money and giving me none! Is what he really saying!! Burisma!!!
Source: nbcchicago - 🏆 545. / 51 Read more »
White House: Oil companies have ‘patriotic duty’ to lower gas pricesPress Secretary Karine Jean-Pierre’s comments came after Biden blasted oil companies in a letter to industry execs. The war on Afghanistan enabled the national security elite to extract money from the US taxpayer, wash it through Kabul and back into their own pockets. The 40 billion “aid” package to Ukraine serves the same corrupt purpose. Azovstal Eurovision Russia NATO European Is there anyone left (not paid trolls) that still believes this shit? This is so Soviet. Create problems you refuse to solve then blame capitalism.
Source: nypost - 🏆 91. / 67 Read more »