Exxon/Mobil Fires Back After Joe Biden Attack
We all know the gas price is killing us and it only continues to rise. Thanks, Brandon! Yesterday I passed by the gas station and regular unleaded was $4.44 per gallon. Diesel in some places is over $5.00 per gallon. The average cost per gallon of gas is $6.43 in California. Pretty soon we won't be able to afford to drive to work. The skyrocketing price per gas is crippling America. Everyone wants to know why is this happening to us. This has to be someone's fault, right? Joe Biden has decided it's the big oil companies' fault and decided to publicly go after them by sending them letters and announcing publicly it was their fault.
Joe Biden claims that big oil companies arent' paying enough taxes and are more worried about making big profits instead of helping out. He specifically called out oil giant Exxon/Mobil:
“We are going to make sure everyone knows Exxon’s profits. Why don’t you tell them what Exxon’s profits were this quarter? Exxon made more money than God this year and by the way, nothing’s changed. One thing I want to say about the oil companies, talk about how they have 9,000 permits to drill. They’re not drilling. Why aren’t they drilling? Cause they make more money not producing more oil. The price goes up number one and number two, the reason they’re not drilling, is they are buying back their own stock, which should be taxed quite frankly, buying back their own stock, and making no new investments. So ugh, I always thought Republicans were for investment. Exxon start investing and start paying your taxes, thanks.” Forbes
Of course, Exxon/Mobil didn't take this lying down. Todd Spitler, a spokesperson for Exxon/Mobil replied with the following:
We have been in regular contact with the administration, informing them of our planned investments to increase production and expand refining capacity in the United States. We increased production in the Permian Basin by 70%, or 190,000 barrels per day, between 2019 and 2021. We expect to increase production from the Permian by another 25% this year. We’re spending 50% more in capital expenditures in the Permian in 2022 vs 2021 and are increasing refining capacity to process U.S. light crude by about 250,000 barrels per day – which is the equivalent of adding a new medium sized refinery. We reported losses of more than $20 billion in 2020, and we borrowed more than $30 billion in 2019 and 2020 to support our investments in production around the world. In 2021, total taxes on the company’s income statement were $40.6 billion, an increase of $17.8 billion from 2020. Forbes
I guess the good news is oil production in the Permian Basin will be going up, which will mean more jobs for us and more money will be available.
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