UPDATED 8:22 AM PT – Monday, June 13, 2022
President Joe Biden has refused to take responsibility for astronomical gas prices, Instead, he appears to be pointing his finger at oil companies. The President accused Big Oil of exploiting supply shortages to boost profits.
While addressing dockworkers at the port of Los Angeles on Friday, Biden claimed oil and gas companies are using the war in Ukraine to justify excessive price hikes. His finger pointing comes as the national average price of gas is $4.99 per gallon and is more than $5 a gallon in 19 states, according to AAA.
Joe Biden’s America:
•40-year high inflation
•Record gas prices
•Baby formula shortage
•Disastrous border crisis
Biden’s policies have failed Americans.
— GOP (@GOP) June 13, 2022
However, the President went into his typical “whisper mode” to deflect responsibility away from his policies that have cancelled oil field leases and restricted drilling .
“They have 9000 permits to drill, they’re not drilling. Why aren’t they drilling?” Biden asked. “Because they make more money not producing more oil. The price goes up, number one. And number two, 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.”
Exxon spokesperson Casey Norton responded to Biden’s comments. He said the company has been in regular contact with the administration and laid out its plans to increase production as well as as expand refining capacity in the US. For starters, Norton said Exxon is significantly expanding its operations in Texas.
Last month, the Biden administration cancelled three oil and gas lease sales scheduled in the Gulf of Mexico and off the coast of Alaska, removing millions of acres from possible drilling.