Exxon Mobil has fired back at President Joe Biden’s calling out U.S. energy producers amid rampant inflation and rising gasoline costs, placing blame on the oil companies and saying they need to ”work with my administration to bring forward concrete, near-term solutions that address the crisis.”
Exxon Mobil not only laid out its investments and communication with the Biden administration, but a press release Wednesday blasted the administration’s energy policies and made a call for Biden to act.
”In the short term, the U.S. government could enact measures often used in emergencies following hurricanes or other supply disruptions – such as waivers of Jones Act provisions and some fuel specifications to increase supplies,” the release read.
”Longer term, government can promote investment through clear and consistent policy that supports U.S. resource development, such as regular and predictable lease sales, as well as streamlined regulatory approval and support for infrastructure such as pipelines.”
Those recommendations are an indirect homage to the energy positions of former President Donald Trump, who has criticized much of Biden’s campaign platform.
”We have been in regular contact with the administration to update the president and his staff on how ExxonMobil has been investing more than any other company to develop U.S. oil and gas supplies,” the company’s release began. ”This includes investments in the U.S. of more than $50 billion over the past five years, resulting in an almost 50% increase in our U.S. production of oil during this period.
”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. This is a ref…