01-02-23, 05:02
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#3
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Re: Fatcats EXXON MOBIL Made More MoneyThan God & Failed to Help Vulnerable Customers
Biden: Exxon Made More MoneyThan God This Year
Exxon smashes Western oil majors’ earnings record with $56 billion profit for 2022
BBC 1 FEB 2023
President Biden Exxon had made “more money than God this year.”
President Biden once again accused oil companies of not doing enough to offset soaring gas prices on Wednesday, telling the seven major refiners their profit margins were “well above normal,” as the White House continued to point fingers for economic problems everywhere but at 1600 Pennsylvania Avenue.
“[A]t a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable,” Biden wrote in a letter to Exxon Mobil CEO Darren Woods.
Similar letters were dispatched to the heads of Chevron, Shell, Phillips 66, BP, Marathon and Valero.
“Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis and respect the critical equities of energy workers and fence-line communities,” the president added in the Woods letter, before calling on the refiner to detail “any reduction in your refining capacity since 2020 and any concrete ideas that would address the immediate inventory, price, and refining capacity issues in the coming months — including transportation measures to get refined product to market.”
“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,” Biden warned.
Despite Biden’s plea to boost refinery capacity, the US Energy Information Administration on Friday released estimates that “refinery utilization will reach a monthly average level of 96% twice this summer, near the upper limits of what refiners can consistently maintain.” There’s also an additional complication: Most US refineries are set up to process oil imported from overseas, rather than fuel produced domestically.
The president has expressed increasing frustration with the petroleum industry in recent days as the average nationwide price of a gallon of gas remains above $5. During a speech at the Port of Los Angeles last week, Biden ranted that Exxon had made “more money than God this year” before adding:
“Exxon, start investing and start paying your taxes.”
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