What’s Happening:

Recently, Joe Biden sent a letter to the oil industry. He both blamed Putin and oil companies for the historically high gas prices.

Then, he made a threat that he would punish these companies if they didn’t magically lower their prices.

So, top oil and gas producer ExxonMobil struck back hard.

From Fox Business:

ExxonMobil fired back at President Biden after he threatened them with “emergency powers” if they don’t boost supply to temper surging gas prices…

ExxonMobil said it has been in regular contact with the administration providing updates on how it has been investing “more than any other company to develop U.S. oil and gas supplies.” […]

The statement ended imploring the Biden administration to – rather threaten emergency powers – “promote investment through clear and consistent policy that supports U.S. resource development.”

ExxonMobil refused to let Joe Biden paint a false narrative about its industry. The company responded with a letter of its own.

In it, they revealed that even during the pandemic, they invested billions to expand and support the industry. They did it even as they lost $20 billion (thanks to lockdowns).

They also revealed that, while Biden is chiding them like schoolchildren, they have been actively trying to communicate with the administration on solutions.

It sounds like they are having as much success reaching Biden as is Gov. Greg Abbott of Texas.

ExxonMobil threw the blame back to where it belonged, Joe Biden. They wrote that the real solution to the gas problem is that Biden refuses to allow companies to drill.

That is what they meant when they wrote that Biden needs to provide, “clear and consistent policy that supports U.S. resource development.”

They were saying, “Hey, Joe. This is your fault because you refuse to let us drill.”

Biden’s administration was ordered by federal judges to end its ban on drilling on federal land. Yet he has canceled new leases that would have provided more oil—and lowered prices.

Key Takeaways:

• ExxonMobil responded to Joe Biden’s defaming letter with their own.
• The company revealed it has invested billions to provide more energy.
• ExxonMobil shifted the blame to Biden, who has not provided “clear” policies.

Source: Fox Business