President Joe Biden made clear that he wants oil companies to invest more on producing oil than buying back their own shares.
President Joe Biden accused Exxon Mobil and other oil companies of exploiting high gasoline prices after a report showed inflation soaring to a new 40-year record.
Exxon expects to increase production from the Permian Basin, the largest US oil field, by 25 per cent this year, and has plans to increase refining capacity by about 250,000 barrels per day.Exxon’s profits are forecast to almost double to $US43 billion this year, which would be its second-best performance on record. The Texas oil giant’s fortunes directly collide with those of consumers, who are paying more for fuel than ever before. Regular gasoline averaged $US4.
Biden urged domestic oil companies to ramp up production, saying they would rather buy back their own stock than drill on land where they have permits.“The reason they’re not drilling is they’re buying back their own stock, which should be taxed quite frankly, buying back their own stock and making no new investments,” Biden said. “So I always thought Republicans are for investment. Exxon: start investing and start paying your taxes, thanks.
Exxon expects to increase production from the Permian Basin, the largest US oil field, by 25 per cent this year, and has plans to increase refining capacity by about 250,000 barrels per day, “the equivalent of adding a new medium-sized refinery”, Norton said.
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