ExxonMobil Fires Back at Biden: 'Support US Resource Development' Gas prices are seen on an ExxonMobil gas station sign on June 9 in Houston, Texas. (Brandon Bell/Getty Images)
By Eric Mack | Wednesday, 15 June 2022 04:51 PM
ExxonMobil fired back at President Joe Biden's calling out American energy producers amid rampant inflation and rising gasoline costs, placing blame on the oil companies and saying they need to "work with my administration to bring forward concrete, near-term solutions that address the crisis."
ExxonMobil not only laid out its investments and communication with the Biden administration, but a press release Wednesday blasted the administration's energy-crushing policies and made a call for Biden to act.
"In the short term, the U.S. government could enact measures often used in emergencies following hurricanes or other supply disruptions – such as waivers of Jones Act provisions and some fuel specifications to increase supplies," the release read.
"Longer term, 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."
Those recommendations are an indirect homage to the energy independence positions of former President Donald Trump, who has rebuked much of Biden's campaign platform.
"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," the company's release began. "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.
"Globally, we've 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. This is a reflection of the company's long-term growth strategy, and our commitment to continuously invest to meet society's demand for our products.
ExxonMobil also took up opposition to Biden's criticism of oil company profits.
"Specific to refining capacity in the U.S., 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 release 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."