Biden Says Oil Companies Should Ramp Up Production Instead of Buying Back Stock and Paying Dividends

  • 📰 nbcsandiego
  • ⏱ Reading Time:
  • 50 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

Biden also officially announced the release of 15 million barrels of crude oil from the Strategic Petroleum Reserve.

"My message to the American energy companies is this: You should not be using your profits to buy back stock or for dividends. Not now. Not while a war is raging," Biden said."You should be using these record-breaking profits to increase production and refining."

Profits at the six largest publicly traded oil companies topped $70 billion in the second quarter, Biden said, adding that in the first half of the year, those companies spent $20 billion on buybacks. Biden promised to purchase oil to refill the strategic petroleum reserve once the price hits $70 a barrel.said oil companies need to use their record-profits to ramp up production rather than to enrich shareholders.

"My message to the American energy companies is this: You should not be using your profits to buy back stock or for dividends. Not now. Not while a war is raging," Biden said."You should be using these record-breaking profits to increase production and refining." Profits at the six largest publicly traded oil companies topped $70 billion in the second quarter, Biden said, adding that in the first half of the year, those companies spent $20 billion on buybacks."The most significant buyback in almost a decade," he said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
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:

 /  🏆 524. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines