ExxonMobil Fires Back at Biden After ‘Emergency Powers’ Threat

ExxonMobil pushed back against President Joe Biden after he penned a letter to the oil giants calling on them to take action to address ⛽Gas Prices.

The company said in a statement, “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.”

It continues, “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.”

According to the company, it has “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.”

Commenting on the refining capacity in the U.S. the company explained, “We’ve been investing through the downturn to increase refining capacity to process U.S. light crude by about 250,000 barrels per day – the equivalent of adding a new medium-sized refinery.”

The company added, “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.”

Concluding the statement, the company suggested the 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.”