Joe Biden accused the US oil industry of making “more money than God” as gasoline prices across the country averaged above $5 a gallon for the first time.
Speaking of Exxon Mobil Corp, he told reporters in Los Angeles that they were capitalizing on a supply shortage to maximize profits.
He said, “Exxon has made more money than God this year. Why don’t they drill? Because they make more money without producing more oil.
But the company said it continued to increase its oil, gasoline and diesel production in the United States and borrowed heavily to boost production while suffering losses in 2020.
Data from the American Automobile Association (AAA) showed the national average price for regular unleaded gasoline rose to $5.004 per gallon on June 11 from $4.986 the previous day.
High gas prices are a headache for President Biden and his Democratic party as he tries to keep control of Congress with the midterm elections coming up in November.
His administration tried to lower prices by releasing record numbers of barrels from the country’s strategic reserves and relied on oil-producing countries to boost production, but fuel prices rose around the world.
High driver prices come as major oil and gas companies post windfall profits. Shell reported a record quarter in May and Chevron Corp and BP posted their best numbers in a decade.
The UK also saw record prices with the average price of a liter of petrol on UK forecourts at a new high of 183.2p on Thursday, according to data firm Experian.
The average price of a liter of diesel on Thursday was a record 188.8p.
Extracted in full form: Biden says oil industry is getting ‘more money than God’ as gas prices hit record highs – The AU Times