President Joe Biden once again placed the blame of the energy crisis on oil companies during a recent speech at a rally, demanding that they drill more.
“But not everyone. I know we have a lot of leases out here in New Mexico for oil companies. And we haven’t slowed them down at all. They should be drilling more than they’re doing now,” Biden said.
“If they were drilling more, we’d have more—more relief at the pump. But the oil industry hasn’t met their commitment to invest in America and support the American people.”
The president then highlighted the “record profits” made by major oil companies like Shell and Exxon during the last quarter.
Shell made two times the profit in the third quarter than during the year-ago quarter, while Exxon’s third-quarter profits were more than what they made in 152 years, Biden said, while adding that in the last six months, oil companies have made more than $100 billion in profit in 200 days.
He accused the oil companies of “taking advantage.” If these companies were only generating average profits they have been making for the past 20 years, gasoline prices would be down by $0.50 a gallon, Biden stated.
These companies are buying back stock and giving their profits to shareholders, he added, while insisting that such “outrageous profits are the windfalls of war.”
Restricting Oil and Gas Industry
The president’s attempt to lay the blame for tight energy supplies on oil and gas firms comes after he has taken several steps to curtail the industry.After assuming office in January 2021, Biden issued an executive order freezing oil and gas leases. The matter is still in the courts. He halted the Keystone XL pipeline, which was set to supply 830,000 barrels of oil to the United States from Canada.
Biden also suspended oil production leases in the Arctic National Wildlife Refuge, which former President Donald Trump had opened up for production during his time.