For those of you who keep blaming Biden for high gas prices, this part of the reporting tells the truth about who is responsible.
“Despite calls from the Biden administration to increase oil production to bring consumer prices down, Chevron and Exxon executives on Friday said that they would keep production relatively flat. Exxon instead announced plans to triple its stock repurchases to $30 billion through 2023, while Chevron said it would repurchase a record $10 billion of stock by the end of the year. “
New leases aren’t being blocked. Production at existing wells is being held down by the companies.
“Chevron raked in $6.3 billion in the first quarter, quadrupling its profit from the same period last year, while Exxon brought in $5.5 billion, more than double last year’s first-quarter haul. “
400% profit increase for Chevron and more than double for Exxon? I’m sorry, but these companies are gouging the American public. And the Right blames Biden? Here is the proof of where the blame lies.