Biden points blame for record oil prices: 'Exxon made more money than God this year'
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During a speech in Los Angeles Friday, President Joe Biden blamed record gas prices on the oil industry and said that U.S. oil companies like Exxon Mobil Corp were raking in massive profits this past year.
"Exxon made more money than God this year," the Catholic president told union representatives at the Port of Los Angeles as the national average price of gas is $4.99 per gallon.
In 19 states the price of a gallon of gas is over $5, according to the motorist group AAA.
U.S. President Joe Biden speaks during the opening plenary session at the Ninth Summit of the Americas in Los Angeles, California, U.S., June 9, 2022. (REUTERS/Daniel Becerril / Reuters)
Biden also accused the largest U.S. oil company of spending their profits on stock purchases, rather than using it to drill and produce more oil.
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"Why aren't they drilling? Because they make more money not producing more oil," the president said. "Exxon, start investing and start paying your taxes."
Signage is seen on a gasoline pump at an Exxon gas station in Brooklyn, New York City, U.S., November 23, 2021. REUTERS/Andrew Kelly (REUTERS/Andrew Kelly / Reuters)
Exxon responded to Biden’s comments saying the company has spent tens of billions in taxes and continues to expand its operations.
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"We have been in regular contact with the administration, informing them of our planned investments to increase production and expand refining capacity in the United States," spokesman Casey Norton said, Reuters reported.
Norton also said Exxon will expand its operations in Texas through a refinery expansion.
The expansion is large enough to constitute a "new medium-sized refinery," said Norton, per the report.
Exxon paid $40.6 billion in taxes in 2021 after losing nearly $20 billion the year before, the spokesperson added.
Top U.S. oil producer Exxon Mobil Corp has kicked off a yearly performance review for U.S. staff, a process some workers dread because they view it this year as a prelude to stealth layoffs. (AP Photo/Matt Rourke) (AP Photo/Matt Rourke / AP Newsroom)
During his appearance on ABC’s "Jimmy Kimmel Live!" Wednesday, Biden also blamed oil companies for high gas prices.
"Oil companies, instead of everybody, says, 'Well, Biden won't let them drill.' They have 9,000 drilling sites that they already own that are there. They're not doing it," Biden said to the host. "You know why? Because they make more money not drilling and buying back their own stock."
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While pushing the blame for oil, the president took credit for the "fastest-growing economy in the world."
Fox News' Kristen Altus contributed to this report.