barack obama g0b2ea6563 1280 The US President attacks oil companies after making huge profits

The US President attacks oil companies after making huge profits

US President Joe Biden attacked oil companies for making huge profits at the expense of the Americans.

Biden, during a rare joint appearance with Vice President Kamla Harris at a million-dollar fundraising event in Pennsylvania, noted that prices at gas stations had fallen from their summer peaks and said more progress could be made if energy companies cut prices “to reflect what they are paying.” for a barrel of oil .

“These excess profits are going back to stockholders and their CEOs, rather than going to lower prices at gas stations and relieve the American people,” Biden said.

The world’s largest oil and gas companies, including ExxonMobil, Chevron and Equinor, posted huge profits in the third quarter, benefiting from rising energy costs that fueled inflation around the world and hit consumers hard.

Oil companies made billions of dollars in profits as prices of crude, natural gas and fuels such as gasoline approached record levels during the third quarter. Global supplies remain tight due to production cuts caused by the COVID-19 pandemic and market turmoil caused by the Russia-Ukraine crisis.

These massive profits are drawing criticism from pro-consumer groups in the United States and Europe as inflation rises. US President Joe Biden told oil companies that they were not doing enough to reduce energy costs, while calls emerged in Britain and the European Union to impose more taxes on the extraordinary profits of energy companies.

ExxonMobil, the largest US energy company, reported profits of nearly $20 billion, exceeding expectations and the previous record set in the second quarter.

Profits for Exxon, which led the record gains among the five major oil companies in the previous quarter, far exceeded those of its peers Shell and Total Energies in the third quarter by almost twice as much. Its gains were underpinned by its decision to double the focus on fossil fuels as European competitors turned to renewable energy investments.

Chevron made $11.2 billion in profit, nearly double its $6.1 billion in the same period last year.