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Tags: biden | oil companies | strategic reserve | economy

Biden Tells Big Oil to 'Expand Supply,' Assures 'No New Drilling'

By    |   Monday, 07 November 2022 09:56 PM EST

President Joe Biden demanded that oil companies expand their supply through Twitter on Monday hours after telling a New York audience that he hasn't "formed any new drilling."

"Do you know how much six of the largest oil companies have made over the last six months? Over $100 billion," Biden claimed. "That money should've been used to expand supply and lower prices at the pump."

But the former chief counsel for nominations to Senate Judiciary Committee Mike Davis shot back at the president, retweeting a video of him from earlier in the day at a New York Gov. Kathy Hochul campaign event.

"This you?" Davis replied, sharing a video of the president declaring, "No more drilling. There is no more drilling. I haven't formed any new drilling."

Biden has made similar threats to the oil industry in the past. On Oct. 31, he threatened the industry with higher taxes on "excess profits," including other penalties.

"The oil industry has a choice," Biden laid out. "Either invest in America by lowering prices for consumers at the pump and increasing production and refining capacity. Or pay a higher tax on your excessive profits and face other restrictions."

So far, the administration's response to soaring oil prices has been to dip into the U.S. Strategic Petroleum Reserve. According to Axios, Biden has shrunk the reserve to its lowest level since the 1980s — releasing nearly 200 million barrels since the beginning of the year.

Rep. Pat Fallon, R-Texas, told Newsmax's "Wake Up America Weekend" last month that Biden's decision to tap into the supply shows a "fundamental misunderstanding of how the economy works."

"The Strategic Petroleum Reserve was established in 1975 to protect the United States in case of an act of God, a national emergency, and in time of war," Fallon explained. "It is not to be used for political expediency by any party two weeks before an election that they're about to lose."

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Newsfront
President Joe Biden demanded that oil companies expand their supply through Twitter on Monday hours after telling a New York audience that he hasn't "formed any new drilling."
biden, oil companies, strategic reserve, economy
323
2022-56-07
Monday, 07 November 2022 09:56 PM
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