U.S. President Joe Biden on Friday known as on ExxonMobil Company to begin investing and paying extra in taxes.
"Why do not you inform them what Exxon's earnings have been this yr? This quarter? Exxon made extra money than God this yr," Biden stated throughout an look on the Port of Los Angeles when requested about oil firm earnings.
On February 1, Exxon introduced it had made $23 billion in earnings in 2021. Of that sum, $8.9 billion got here from the fourth quarter. On the finish of April, Exxon reported it had made $5.5 billion in the course of the first quarter of 2022. That determine was reportedly double the earnings it made throughout the identical interval final yr.
Biden's feedback got here after the Labor Division launched knowledge Friday morning that confirmed the buyer value index rose 1 % final month and eight.6 % within the 12-month stretch ending in Could. The 8.6 enhance is the largest 12-month rise since 1981.
Biden has addressed excessive inflation and pressed Congress to cross tax reform that might see massive firms pay extra in taxes. On Friday, he named Exxon as one such firm that he feels ought to face increased taxes.
"Exxon, begin investing," Biden stated. "Begin paying your taxes."
Biden additionally pushed for elevated home drilling, noting there are at present greater than "9,000 permits to drill." Nevertheless, he stated that oil firms "are usually not drilling."
"Why aren't they drilling? As a result of they earn more money not producing extra oil. The value goes up, primary," the president stated. "Quantity two, the explanation they don't seem to be drilling is they're shopping for again their very own inventory, [which] must be taxed fairly frankly. Shopping for again their very own inventory and making no new investments."
Biden additionally took goal at overseas transport firms. He stated he has known as on Congress to "crack down" on foreign-owned transport firms which might be elevating costs regardless of nonetheless raking in $190 billion in revenue.
"I've to confess to you, plenty of us elected officers have been in workplace for some time. Each now and again, one thing you be taught makes you viscerally indignant. Like when you had the individual in entrance of you, you'd need to pop them," Biden stated. "No, I actually imply it."
When Exxon introduced its earnings for 2021, chairman and CEO Darren Woods credited the corporate's COVID-19 pandemic response and different enterprise strikes for its success.
"Our efficient pandemic response, centered investments in the course of the down-cycle, and structural value financial savings positioned us to comprehend the complete advantages of the market restoration in 2021," Woods stated. "Our new streamlined enterprise construction is one other instance of the actions we're taking to additional strengthen our aggressive benefits and develop shareholder worth. We have made nice progress in 2021 and our ahead plans place us to steer in money circulate and earnings development, working efficiency, and the power transition."
Newsweek reached out to ExxonMobil and the White Home for remark.
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