During a national energy crisis, the public deserves policymaking that solves the problems at hand, writes JSweetIII. .ExxonMobil has told Biden what to do, and now it’s up to him to listen.
In a statement released Wednesday afternoon, Exxon Mobil defended its activities and listed the investments it made before and during the pandemic. “Globally, we’ve invested double what we’ve earned over the past five years — $118 billion on new oil and gas supplies compared to net income of $55 billion,” the statement said.
Exxon called out Biden’s failures by telling the president what he could do to support domestic energy production. “Longer term, [the] government can promote investment through clear and consistent policy that supports U.S. resource development, such as regular and predictable lease sales, as well as streamlined regulatory approval and support for infrastructure such as pipelines,” recommended Exxon.
“Clear and consistent” are the keywords in Exxon Mobil’s statement because the company is aware of the global decline in refinery capacity. Refiners do not have much room to increase their production because of previously shuttered facilities. Biden targets the profit margins of these corporations, yet he is also close to finding a solution to the problem.
The Defense Production Act could be utilized to reopen shuttered refineries, and White House press secretary Karine Jean-Pierre has hinted at this being the path forward. “We’re saying that the president has used it before, and he’s willing to do that again,” she said.
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