President Joe Biden’s letter to oil refiners was another attempt by the White House to point fingers at companies over the current energy crisis.
Exxon Mobil, one of the multiple companies targeted by Biden, is not letting these accusations fly without opposition.
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In a statement released Wednesday afternoon, Exxon Mobil (XOM) defended its activities and listed the investments it made before and during the pandemic.
“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,” the statement said.
“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.”
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From canceling the Keystone XL permit to establishing barriers for new pipelines in Appalachia, Biden’s war on domestic energy infrastructure is well documented.
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Exxon called out Biden’s failures by telling the president what he could do to support domestic energy production. “Longer term, [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,” recommended Exxon.
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https://www.msn.com/en-us/news/politics/exxon-mobil-fights-b…
Desert (XOM, CVX, T, BNS, BKH, ED, ATGFF, NI, NWN, TRP, ENB, WRE, WGL, XEL, DUK, SO & KO) Dave