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Average US price of gasoline is a penny under $5 level. Biden says oil companies buy back stock instead of drilling
Jordan Fabian and Josh Wingrove, Bloomberg News
WASHINGTON
EnergiesNet.com 06 13 2022
President Joe Biden accused Exxon Mobil Corp. and other oil companies of exploiting the high price of gasoline, after a report showed inflation soaring to a new 40-year record.
“We’re going to make sure everyone knows Exxon’s profits. Exxon made more money than God last year,” Biden said during an event at the port of Los Angeles.
Exxon reported net income of $23 billion in 2021 and has earned nearly $26 billion over the last 12 months. The price of regular gasoline averaged $4.99 per gallon nationwide on June 10, according to the auto club AAA.
Biden also pressured domestic oil companies to ramp up production, saying they would rather buy back their own stock than drill on land where they have permits.
“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.”
The president spoke during a visit to the Port of Los Angeles, where he defended his economic record and deflected blame for inflation, which spiked 8.6% in the year to May according to a new Labor Department report.
bloomberg.06 10 2022
