"Earned More Than God"... Biden Directly Hits Oil Companies Amid Soaring Oil Prices
Biden: "Oil Companies Neither Producing Oil Nor Paying Taxes Properly"
[Asia Economy Intern Reporter Kim Se-eun] Amid soaring global oil prices, U.S. President Joe Biden strongly criticized oil companies.
On the 10th (local time), President Biden said regarding inflation, "Everyone will know ExxonMobil's profits," adding, "Exxon made more money last year than God."
According to Bloomberg News, ExxonMobil's net profit last year reached $23 billion (29.44 trillion KRW).
President Biden claimed, "Oil companies have secured 9,000 drilling permits but are not proceeding with drilling," and stated, "Nothing has changed, and they are doing nothing."
He continued, "They are not producing oil, so they are making more money due to increased demand and even buy back their own products in the market to avoid taxes," emphasizing, "Exxon must start investing and pay taxes properly."
On the same day, according to data compiled by the oil price information company OPIS, the average price of unleaded gasoline in the U.S. surpassed $5 per gallon. In California, it even soared to $6.43 per gallon.
Not only oil companies but also Russia's invasion of Ukraine is one of the causes of the sharp rise in gasoline and diesel prices.
Currently, due to the Ukraine war, the supply and demand of petroleum products are unstable. Furthermore, as Western countries such as the U.S. and the European Union continue sanctions on Russian petroleum products, the uncertainty in supply and demand is increasing.
Meanwhile, on the same day, the U.S. Department of Labor announced that the U.S. consumer price index (CPI) for May rose 8.6% compared to the same month last year.
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This figure is a larger increase than the previous month (8.3%) and surpasses the 8.5% recorded in March, marking the largest rise since December 1981.
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