After spending two years doing everything he could to shut them down, Biden now threatens them to ramp up production
Posted BY: Steve Watson
In letters to oil companies imploring them to up production, Joe Biden has threatened to use “emergency authorities” if they do not comply.
Fox Business reports on the letters Biden has sent out to oil companies including Shell, BP, Chevron, Phillips 66, ExxonMobil, Marathon Petroleum Crop, and Valero Energy Corp.
Biden writes “My administration is prepared to use all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied.”
Elsewhere in the letters he also accuses the companies of exploiting Americans by running “historically high profit margins.”
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He also blames Russia for historically high gas prices in the U.S., a tired excuse that literally no one outside, and likely even inside, his own gaggle of handlers believes any more.
“There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,” Biden writes, adding “But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.”
The letters come on the back of comments made by Biden’s Press Secretary accusing oil companies of not doing their “patriotic duty” and producing more.
Karine Jean-Pierre also echoed Biden’s threat of using emergency powers against oil companies:
Exxon Mobil has responded to Biden, blasting his attempts to blame them for his own failing energy policies.
”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,” a company press release staes, adding ”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.”
The release continues, ”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.”
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The oil company adds that ”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.”
”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,” the company further asserted.
Is it any surprise that oil industry people have a problem with Biden suddenly blaming them for soaring prices when he has worked for the past two years on literally shutting them down?
Fox News reporter Peter Doocy yesterday asked Biden’s National Security Council coordinator for strategic communications John Kirby “How is it that you guys have determined that it’s in the US national security interest to ask Saudi Arabia to drill more oil, instead of just letting oil companies drill more here in the US?”
Kirby dodged the question and claimed “The President did tap into the strategic oil reserves to try to relieve some of the pressure at the pump, and he’ll use a range of tools available to him going forward.”