Forbes Media Chairman Steve Forbes and former CKE Restaurants CEO Andy Puzder estimate Maria Bartiromo’s record high Wall Street inflation.
In a speech in Los Angeles on Friday, President Joe Biden blamed the oil industry for record gas prices and said US oil companies such as Exxon Mobil Corp had made huge profits in the past year.
“Exxon made more money than God this year,” the Catholic president told union representatives in the port of Los Angeles, as the average national gas price is $ 4.99 a gallon.
In 19 states, the price of a gallon of gas is over $ 5, according to the AAA group of motorists.
US President Joe Biden speaks at the opening plenary session of the Ninth Summit of the United States in Los Angeles, California, USA, June 9, 2022 (REUTERS / Daniel Becerril / Reuters)
Biden also accused America’s largest oil company of spending its profits on stock purchases instead of using them to drill and extract more oil.
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“Why don’t they break through?” “Because they make more money, not more oil,” he said. “Exxon, start investing and start paying your taxes.”
Inscriptions can be seen at an Exxon gas station in Brooklyn, New York, USA, November 23, 2021. REUTERS / Andrew Kelly (REUTERS / Andrew Kelly / Reuters)
Exxon responded to Biden’s comments that the company has spent tens of billions in taxes and continues to expand.
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“We are in regular contact with the administration, informing them of our planned investments to increase production and expand refining capacity in the United States,” spokeswoman Casey Norton told Reuters.
Norton also said Exxon will expand its operations in Texas by expanding the refinery.
The expansion is large enough to represent a “new medium-sized refinery,” Norton said, according to the report.
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Exxon paid $ 40.6 billion in taxes in 2021, after losing nearly $ 20 billion the previous year, the spokesman added.
Exxon Mobil Corp., the world’s largest oil producer, has launched an annual review of U.S. staff performance, a process some workers fear as they believe this year is a prelude to covert layoffs. (AP Photo / Matt Rourke) (AP Photo / Matt Rourke / AP Newsroom)
During his appearance on the show “Jimmy Kimmel Live!” on ABC! On Wednesday, Biden also blamed oil companies for high gas prices.
“Oil companies, instead of everyone, say, ‘Well, Biden won’t let them drill.'” They have 9,000 drilling rigs they already own that are there. They don’t, “Biden told the host. “Do you know why? Because they make more money, not to break through and buy back their own shares.”
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While blaming oil, the president credited “the world’s fastest growing economy.”
Kristen Altus of Fox News contributed to this report.
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