Biden says, 'we're going to need oil for a decade'
But his pledge during that same campaign tohas drawn rebuke from Republicans and oil lobbyists as dangerous and likely to drive up energy prices on Americans.
Despite his seeming concession Tuesday night, it did little to defray tensions over the run up in oil and natural gas prices after Russia's invasion of Ukraine - with Biden blaming oil companies for not drilling and refining more oil and oil executives blaming Biden's climate policies. Biden again took aim at the record profits recorded by the oil industry last year, arguing they should have used that money to increase domestic production, not,"rewarding their CEOs and shareholders."American Fuel and Petrochemical Manufacturers, called the speech,"counterproductive."
"Using the State of the Union to politicize market fundamentals and single out stock “buy back” programs—while overlooking the fact that the Biden administration’s own policies discourage the reinvestment of earnings back into the U.S. liquid fuel supply chain—cheapens the dialog for everyone," he said.
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