• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
ExxonMobil Fires Back at Biden After ‘Emergency Powers’ Threat

ExxonMobil Fires Back at Biden After ‘Emergency Powers’ Threat

June 17, 2022
ANDY YAKULIS: American Manufacturers Are Ready To Unleash American Drone Dominance

ANDY YAKULIS: American Manufacturers Are Ready To Unleash American Drone Dominance

August 5, 2025
DOGE’s ‘Big Balls’ Savagely Beaten Saving Woman From Carjacking In D.C.

DOGE’s ‘Big Balls’ Savagely Beaten Saving Woman From Carjacking In D.C.

August 5, 2025
DOJ Charges Foreign Nationals With Providing Key Tech To CCP

DOJ Charges Foreign Nationals With Providing Key Tech To CCP

August 5, 2025
Trump Admin Reportedly Set To Slash Billions In Biden Solar Grants

Trump Admin Reportedly Set To Slash Billions In Biden Solar Grants

August 5, 2025
Jasmine Crockett Floated Loophole To Help Bankroll Texas Dems Fleeing State

Jasmine Crockett Floated Loophole To Help Bankroll Texas Dems Fleeing State

August 5, 2025
Biden DHS Raised Red Flags Over Tim Walz’s China Ties, New Docs Show

Biden DHS Raised Red Flags Over Tim Walz’s China Ties, New Docs Show

August 5, 2025
US Trade Deficit Plummets To Near 2-Year Low

US Trade Deficit Plummets To Near 2-Year Low

August 5, 2025
Hawaiian Shipper Puts Kibosh On EVs Over Fears They’ll Burst Into Flames

Hawaiian Shipper Puts Kibosh On EVs Over Fears They’ll Burst Into Flames

August 5, 2025
ICE Office Set Ablaze In Sanctuary State As Attacks Against Agency Rack Up

ICE Office Set Ablaze In Sanctuary State As Attacks Against Agency Rack Up

August 5, 2025
Don Lemon Nods Along As Texas Dem Likens Congressional Redistricting To Holocaust

Don Lemon Nods Along As Texas Dem Likens Congressional Redistricting To Holocaust

August 5, 2025
White House Reportedly Taking Aim At Banks Allegedly Cancelling Conservatives’ Accounts

White House Reportedly Taking Aim At Banks Allegedly Cancelling Conservatives’ Accounts

August 5, 2025
Trump Says He Will ‘Probably Not’ Seek Third Term

Trump Says He Will ‘Probably Not’ Seek Third Term

August 5, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Tuesday, August 5, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

ExxonMobil Fires Back at Biden After ‘Emergency Powers’ Threat

by Savannah Rychcik
June 17, 2022 at 9:42 am
in News
250 2
0
ExxonMobil Fires Back at Biden After ‘Emergency Powers’ Threat

WASHINGTON, DC - JUNE 16: U.S. President Joe Biden speaks during a bill signing event at the State Dining Room of the White House June 16, 2022 in Washington, DC. President Biden signed the Ocean Shipping Reform Act of 2022 into law. (Alex Wong/Getty Images)

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

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.”

Read the statement below:

https://twitter.com/jonnajarian/status/1537404926279680001

In a letter earlier this week, Biden told the oil CEOs “their companies and others have an opportunity to take immediate actions to increase the supply of gasoline, diesel and other refined product you are producing.”

He added, “My administration is prepared to use all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied.”

Yahoo Finance noted gas prices remain above an average of $5 per gallon nationwide, citing AAA data, and energy experts do not believe there is any relief in sight.

“We’re likely to get record highs on U.S. regular gasoline this summer, when demand typically peaks,” Stewart Glickman, energy equity analyst at CFRA Research, told the outlet.

He added, “Best guess, we peak around $5.50/gallon during the summer.”

According to Glickman, if the nation is going to get gas prices to fall, “It’s probably not going to be a supply-driven solution. The solution here, unfortunately, is probably a recession that kills demand and reduces scarcity of supply.”

Tags: Gas PricesJoe Bidenpolitics
Share196Tweet123
Savannah Rychcik

Savannah Rychcik

IJR, Writer

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th