Exxon Mobil to President Biden: we’re investing more than any other oil company

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.

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