According to a statement released on Wednesday by the company, ExxonMobil said it has been in regular touch with the administration, offering information on how it has been investing “more than any other company to develop U.S. oil and gas supplies.”
ExxonMobil fired back when President Joe Biden threatened them with “emergency powers” if they didn’t increase production to lower gas costs.
ExxonMobil hits back after Biden threatens energy producers https://t.co/76hEbnlgwZ
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ExxonMobil said it spent $118 billion on new oil and gas supplies during the last five years, compared to $55 billion in net profits, resulting in a nearly 50% rise in its oil production in the United States.
During the economic slump, ExxonMobil claimed it has been investing to enhance refining capacity to process U.S. light crude by 250,000 barrels per day, which is equivalent to a new medium-sized refinery.
The company 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.”
The statement concluded by pleading with the Biden administration to “promote investment through clear and consistent policy that supports U.S. resource development,” rather than threatening emergency powers.
Biden has recently come under fire for failing to take executive measures to combat inflation. The president has alternated between blaming Russian President Vladimir Putin for the invasion of Ukraine and the financial objectives of oil companies when it comes to increasing gas prices.
In a series of emails to oil CEOs on Wednesday, Biden stated, “There is no question that Vladimir Putin is principally responsible for the intense financial pain that the American people and their families are bearing.”
The president added, “but amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.”
“Your companies and others have an opportunity to take immediate actions to increase the supply of gasoline, diesel, and other refined product you are producing,” he continued.