ExxonMobil Fires Back At Biden After He Accuses Oil Companies Of Profiteering In Letter

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Joe Biden simply refuses to accept any responsibility for rising gas prices. His policies are causing it but he just can’t or won’t admit it.

Instead, he has lashed out at everything and everyone else. First it was the pandemic, then it was Russia, now it’s the oil companies.

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Biden recently sent a letter to oil companies accusing them of profiteering, but one company has fired back.

Townhall reports:

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ExxonMobil ‘Comes Out Swinging’ in Response to Biden’s Letter to Oil Companies

ExxonMobil pushed back against the accusations President Biden lobbed against oil companies in his letter to executives this week.

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The company said it has “invested more than any other company to develop U.S. oil and gas supplies” at a cost of more than $50 billion in the last five years. These investments have brought about a nearly 50 percent increase in the company’s U.S. production.

“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,” the company said in a statement. “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.”…

“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,” the statement said. “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.”

Good for them for speaking up.

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Biden has been such a lying hypocrite on this issue.

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He has been railing against oil companies since the 2020 campaign.

All Biden would have to do is reverse some of his energy policies.

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He refuses to do it.

Cross posted from American Lookout.

Source material can be found at this site.

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