×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: exxon mobil | energy | inflation | gas prices

Exxon Mobil Fires Back at Biden: 'Support US Resource Development'

Exxon Mobil Fires Back at Biden: 'Support US Resource Development'
Gas prices are seen on June 9 at an Exxon Mobil gas station in Houston. (Brandon Bell/Getty Images)

By    |   Wednesday, 15 June 2022 04:51 PM EDT

Exxon Mobil has fired back at President Joe Biden's calling out U.S. energy producers amid rampant inflation and rising gasoline costs, placing blame on the oil companies and saying they need to ''work with my administration to bring forward concrete, near-term solutions that address the crisis.''

Exxon Mobil not only laid out its investments and communication with the Biden administration, but a press release Wednesday blasted the administration's energy policies and made a call for Biden to act.

''In the short term, the U.S. government could enact measures often used in emergencies following hurricanes or other supply disruptions – such as waivers of Jones Act provisions and some fuel specifications to increase supplies,'' the release read.

''Longer term, government can promote investment through clear and consistent policy that supports U.S. resource development, such as regular and predictable lease sales, as well as streamlined regulatory approval and support for infrastructure such as pipelines.''

Those recommendations are an indirect homage to the energy positions of former President Donald Trump, who has criticized much of Biden's campaign platform.

''We have been in regular contact with the administration to update the president and his staff on how ExxonMobil has been investing more than any other company to develop U.S. oil and gas supplies,'' the company's release began. ''This includes investments in the U.S. of more than $50 billion over the past five years, resulting in an almost 50% increase in our U.S. production of oil during this period.

''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. 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.

Exxon Mobil also took up opposition to Biden's criticism of oil company profits.

''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 release added. ''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.''

© 2022 Newsmax. All rights reserved.


Politics
Exxon Mobil has fired back at President Joe Biden's calling out U.S. energy producers amid rampant inflation and rising gasoline costs.
exxon mobil, energy, inflation, gas prices
382
2022-51-15
Wednesday, 15 June 2022 04:51 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved