Exxon has been investing greater than it has been incomes prior to now 5 years, with the extent of investments in new oil and fuel provide double the extent of income, the supermajor mentioned in an official response to accusations made by President Biden earlier this week.
“We now have been in common contact with the administration to replace the President and his employees on how ExxonMobil has been investing greater than some other firm to develop U.S. oil and fuel provides,” the corporate mentioned in a press release
“This consists of investments within the U.S. of greater than $50 billion over the previous 5 years, leading to an virtually 50% enhance in our U.S. manufacturing of oil throughout this era,” Exxon additionally mentioned.
The President earlier this week hit on the oil trade for not investing sufficient in new manufacturing, singling out Exxon for example.
“Why aren’t they drilling? As a result of they earn more money not producing extra oil,” he mentioned. “Exxon, begin investing and begin paying your taxes,” Biden mentioned.
The President additionally mentioned that they’d be certain everybody knew how a lot Exxon was profiting. “Exxon made extra money than God final yr.”
Exxon’s 2021 revenue stood at $23 billion, which was a yr earlier preceded by a lack of $22.4 billion, which Exxon additionally famous in its assertion, saying, “We saved investing even throughout the pandemic, once we misplaced greater than $20 billion and needed to borrow greater than $30 billion to take care of funding to extend [refining] capability to be prepared for post-pandemic demand.”
The oil trade has grow to be a significant goal for each the White Home and Congress within the blame recreation for record-high retail gas costs. Accusations of price-gouging and intentionally staying away from new effectively drilling have abounded prior to now few weeks. The trade, nevertheless, has not budged, saying that, fairly plainly, it can not swap on new drilling with a flick of a finger.
By Irina Slav for Oilprice.com
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