President Biden called out the oil companies for raking record profits and refusing to pump more oil.
Video of President Biden:
The President said at the House Democratic retreat in Philadelphia:
They have over 7000 permits to drill oil if they wanted. Why aren’t they out pumping oil?
Because they’ve said and they are very clear, Wall Street bankers have made it clear what happened. Well, the oil companies and executives, they don’t want to pump more oil although they have every capacity to do so. Rather than spend the profits from the increased price of gasoline, they would rather take those profits and buy back their own stock. Rather than take that money and invest it in pumping the oil, not a joke. Not a joke.
So don’t tell me gas prices rose because I’ve slowed down the American energy production in my first year in office, American production grew by 9.7 million barrels to date, to 11.6 million.
The United States Doesn’t Own The Oil And Has No Control Over Where It Goes
The reason why pumping more oil is easier said than done is that the United States doesn’t have a government-run oil company. The US government can’t start pumping oil and using it as the nation’s domestic supply.
The oil companies own the means of production and the oil that they pump out of the ground. If the oil companies choose not to drill for more oil, they are profiteering and placing a role in increasing the price of gasoline.
President Biden was correct. He is not responsible for rising gas prices.
The blame rests with the oil companies and Putin.
Mr. Easley is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association