In the wake of scorching inflation and Russia’s war in Ukraine, major gas companies like Chevron and Exxon Mobil are raking in profits. And it’s got President Joe Biden hot under the collar. In November, days before the midterm elections, Biden launched an attack on the industry, calling their record profits “a windfall of war,” not the result of anything “new or innovative.” And now, his international energy envoy is calling on oil companies to think of American consumers. “I think that the idea that financiers would tell companies in the United States not to increase production and to buy back shares and increase dividends when the profits are at all-time highs is outrageous,” Amos Hochstein told the Financial Times. “It is not only un-American, it is so unfair to the American public.”
“You want to pay dividends, pay dividends. You want to pay shareholders, pay shareholders. You want to get bonuses, do that, too. You could do all of that and still invest more. We are asking you to increase production and seize the moment.” With gas prices still elevated, and an expensive winter ahead, Biden says he’s ready to force these oil companies to act — but while his words for these companies may be strong, he may not have the power to back them up.
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Biden doesn’t mince his words – Biden has been waging a battle with oil companies over the last few months, but he escalated it in November when he called on them to “act beyond their narrow self-interest,” to “invest in America by increasing production and refining capacity” on behalf of “their consumers, their community and their country.”
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