Biden vs. Petroleum: ‘They hold back production to keep prices and profits high’

LAST UPDATE: 23:09

US President Joe Biden said on Friday that oil companies – such as Exxon Mobil – deliberately do not deliberately increase production to keep prices and profits high.

“Exxon has earned so much money that it’s got to God and it’s outperformed it this quarter,” Biden joked, again accusing the US oil giant of not increasing oil production, which could cut prices just to increases its profits.

“I want to say something about the oil companies, we have 9,000 drilling licenses. They do not drill,” he said in a speech on inflation from the port of Los Angeles, California.

“Why don’t they drill? Why do they make more money when they don’t produce more,” Biden said, adding that on the other hand, “they (the oil companies) are buying their own shares – something that, frankly, should be conditional.” – and do not make any new investment “.

Biden had already put up with the oil companies, which he accuses of getting rich at the expense of drivers, instead of investing in production.

“Nothing has changed and they are not obeying the law,” he added.

“I always thought the Republicans were in favor of investing. Exxon, start investing and paying your taxes,” he said.

ExxonMobil pumped less oil and gas in the first quarter of 2022 due to bad weather, maintenance work and the sale of activities, the group assures.

However, the company took advantage of the increase in the price of crude oil, which greatly increased its turnover, to double its net profit, despite a loss in relation to its withdrawal from Russia.

SOURCE: ΑΠΕ-ΜΠΕ