During a speech in Los Angeles on Friday, President Joe Biden blamed record oil gas prices and said US oil companies such as Exxon Mobil Corp had huge profits last year. “Exxon made more money than God this year,” the president told union representatives in the port of Los Angeles as the national average gas price was $ 4.99 a gallon. In 19 states the price of a gallon of gas is over $ 5, according to the AAA Motor Group. US President Joe Biden addresses the inaugural Plenary Session of the Ninth US Summit in Los Angeles, California, USA, June 9, 2022. (REUTERS / Daniel Becerril / Reuters) Biden also accused the largest US oil company of spending its profits on stock markets instead of using them to extract and produce more oil. BILLION OIL REFINERY WARNS BIDEN TO “OPEN THE BALLS” BECAUSE THINGS “WILL GET WORSE” “Why don’t they drill? Because they make more money without producing more oil,” he said. “Exxon, start investing and start paying your taxes.” The sign appears on a gas pump at an Exxon gas station in Brooklyn, New York, USA, November 23, 2021. REUTERS / Andrew Kelly (REUTERS / Andrew Kelly / Reuters) Exxon responded to Biden’s comments by saying that the company has spent tens of billions in taxes and continues to expand its operations. GAS PRICES: AMERICANS PAY ALMOST $ 2 EVEN JUST A YEAR AGO “We are in regular contact with the government, informing them of our planned investments to increase production and expand refining capacity in the United States,” spokeswoman Casey Norton told Reuters. Norton also said that Exxon would expand its operations in Texas through the expansion of the refinery. The expansion is large enough to be a “new medium-sized refinery,” Norton said, according to the report. BIDEN SAYS KIMMEL GAS PRICES OIL COMPANIES: “NO ONE LISTENS TO HIM”, SAYS ECONOMY PROFESSOR Exxon paid $ 40.6 billion in taxes in 2021 after losing nearly $ 20 billion last year, the spokesman added. Leading U.S. oil company Exxon Mobil Corp. has launched an annual performance review for U.S. staff, a process that some employees fear because they see it as a prelude to stealth layoffs this year. (AP Photo / Matt Rourke) (AP Photo / Matt Rourke / AP Newsroom) During his appearance on “Jimmy Kimmel Live!” of ABC! On Wednesday, Biden also blamed oil companies for high gas prices. The oil companies, instead of everyone, say, “Well, Biden will not let them drill.” They have 9,000 drilling rigs that they already own and are there. “They do not,” Biden told the host. “Do you know why? Because they make more money not by drilling and buying their own stock.” GET FOX BUSINESS IN ENGINE BY CLICKING HERE While pushing for responsibility for oil, the president praised the “fastest growing economy in the world.” Fox News’ Kristen Altus contributed to this report.
