Biden Calls on American Energy Companies to Halt Buybacks of Stocks ‘While a War Is Raging’
US producing more domestic fossil fuels than the day he took office, president adds
President Biden once again sternly warned the petroleum industry not to use global events to profiteer or price-gouge consumers.
The president told fuel companies Wednesday not buy back their stock, or hike corporate dividends, on the backs of American consumers who are trying to fill up at the pump in the midst of market manipulation at the hands of OPEC+ cartel and Vladimir Putin as the Russian leader continues his illegal and brutal invasion of Ukraine.
Biden just weeks ago issued a similar admonition to industry following the devastation caused by Hurricane Ian.
“My message to the American energy companies is this: You should not be using your profits to buy back stock or for dividends, not now, not while a war is raging,” he said Wednesday. “You should be using these record-breaking profits to increase production and refining. Invest in America for the American people, bring down the price you charge at the pump to reflect what you pay for the product.”
Furthermore, the president sought to debunk criticism that he and his administration have limited domestic production of oil and natural gas.
“Let me — let's debunk some myths here. My administration has not stopped or slowed U.S. oil production. Quite the opposite,” he said. “We’re producing 12 million barrels of oil per day, and by the end of this year we will be producing 1 million barrels a day more than the day in which I took office.”
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