BIDEN VS OIL
Written by Peter Boykin on June 22, 2022
Shared By Peter Boykin – American Political Commentator / Citizen Journalist
“No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill. Period.”
-Joe Biden during the 2020 campaign.
Headline: Joe Biden sent a letter to the major U.S. oil companies yesterday, urging them to increase production and cut their profits in order to bring down gas prices. On the same day, the White House Press Secretary said it was the oil company’s “patriotic duty” to comply with Biden’s demand.
The companies include: Marathon Petroleum Corp, Valero Energy Corp, ExxonMobil, Phillips 66, Chevron, BP and Shell.
The problem with Biden’s request is that it takes a huge financial investment for an oil company to increase production.
But as CNN’s John Berman wisely pointed out:
“These companies are saying, ‘you’re asking me to do more now, invest more now when in fact, 5 or 10 years from now we don’t think that demand will be there. And the administration doesn’t even necessarily want it to be there.'”
The smart solution would be for Biden to take a page out of Donald Trump’s playbook and reverse all of his own restrictive executive orders that disincentivize companies from investing in new drilling projects.
Biden’s solution is to use the Defense Production Act to force those companies to increase production if they don’t comply with his request.
…so it’s not really a request. Very Hugo Chavez of him.
ExxonMobil responded to Biden’s letter saying he could stimulate more oil production through “predictable lease sales, as well as streamlined regulatory approval and support for infrastructure such as pipelines.”
[Source: The Right Scoop, Fox Business, Daily Wire]
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