• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 3 days Bad news for e-cars keeps coming
  • 4 days China deletes leaked stats showing plunging birth rate for 2023
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
South Korea Warns Russia Over Military Pact with North Korea

South Korea Warns Russia Over Military Pact with North Korea

South Korea summoned Russian ambassador…

China’s Secret Weapon in the Global Copper War

China’s Secret Weapon in the Global Copper War

China's strategic use of copper…

Biden Tells Exxon To Start Paying Its Taxes

With the U.S. Administration growing more desperate by the week as gasoline prices breach $5 per gallon in the United States, President Biden is now taking aim at individual oil and gas companies—namely, ExxonMobil.

A Biden statement attempting to address May inflation data contained harsh words—both for the oil industry as a whole and Exxon specifically.

"Why aren't they drilling? Because they make more money not producing more oil," he said. "Exxon, start investing and start paying your taxes."

The President also said that they would make sure everyone knew how much Exxon was profiting. "Exxon made more money than God last year."

To be precise, Exxon's net profit was $23 billion in 2021, making up for the $22.4 billion loss the year prior. Exxon's 2021 profit came in behind Apple, Berkshire Hathaway, Alphabet, Microsoft, JP Morgan Chase, Meta Platforms, Amazon, and Bank of America—and barely eeked out a win over the Federal National Mortgage Association, Fannie Mae.

On the issue of taxes, Exxon’s income taxes for Q1 2022 alone were $2.8 billion dollars, with full year 2021 income taxes at $7.6 billion, according to Macrotrends and CSI Market.

Biden’s anti-oil statement follows a similar one from Thursday, where deputy director of the National Economic Council Bharat Ramamurti told CNN in a phone interview that "It's outrageous that oil and gas companies are able to take advantage and make four times the profits that they made when there wasn't a war.” When asked about the potential for the White House to back a proposal for a windfall profit tax, Ramamurti said that they were “open to lots of different ideas. We realize there is a problem here we need to tackle.”

By Julianne Geiger for Oilprice.com


More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • David on June 12 2022 said:
    Don't worry the problem will be over by the end of the year. Then we can start fixing the the energy deficit.
  • George Doolittle on June 12 2022 said:
    "I didn't pay for that" or anything else just said something again? Huh. "Chevron good ExxonMobil bad!" got it.

    *"And I hate Tesla too!"* go figure. Amazing that people who love everyone suddenly come out screaming about how in fact they really do hate everyone instead.

    At least I'm consistent!
  • Bill Mal on June 12 2022 said:
    LOL! Last year Biden said he is declaring war on fossil fuel and started a movement against investing in the US energy complex.

    Now he’s begging opec for help and blaming independent US companies for his Administration’s failure. Good luck with that!

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News