Forbes Media Chairman Steve Forbes and former CKE Restaurants CEO Andy Puzder weighs in on record- high inflation on “The Wall Street of Maria Bartiromo”.
During the speech in Los Angeles on Friday blamed President Joe Biden record gas prices on oil industry and said that US oil companies like Exxon Mobil Corp raked in in huge profits past year.
“Exxon made more money than God is year” said the Catholic president. union representatives in the port of los angeles like national average price of gasoline costs $4.99 a gallon.
In 19 states price of gallon of gas over $5, according to the motorist group AAA.
US President Joe Biden speaks at the opening plenary session session at the ninth summit of North and South America in Los Angeles, California, USA, June 9, 2022 (REUTERS/Daniel Becerril/Reuters)
Biden also accused the largest US oil company of spend your profit on buying shares, not using is to drill and produce more oil.
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“Why don’t they drill? Because they do more money does not produce more oil,” the president said. — Exxon, start investment and start pay taxes.”
The sign is visible on petrol pump 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, saying the company spent dozens of billions in taxes and continues to expand its activities.
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“We were in regular contact with administration, informing them of our planned investments to increase production and expand processing capacity in United States,” spokesman Casey Norton said, Reuters reported.
Norton also announced that Exxon will expand its operations in Texas via refinery expansion.
The extension is large enough to make up “new mid-sized refinery,” Norton said in the report.
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Exxon paid $40.6 billion. in taxes in 2021 after losing nearly $20 billion year earlier, representative added.
US oil giant Exxon Mobil Corp quits off annually performance review for US staff, a process that some workers fear because they view this is this year as a prelude to hidden layoffs. (AP Photo/Matt Rourke) (AP Photo/Matt Rourke/AP Newsroom)
At the time of his appearance on “Jimmy Kimmel Live!” ABC Wednesday, Biden also blamed the oil companies for high gas prices.
“Oil companies, instead of all, says”Well, Biden won”Don’t let them drill.” They have 9,000 drilling sites that they already own, which are. They don’t do it,” Biden told the host. – You know Why? Because they do more money not to drill but to buy back own stock.
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Pressing on the blame for oil, president took credit for “fastest growing economy in in world.”
Kristen Altus of Fox News contributed to this report.
