President Biden Delivers Remarks on Oil Companies Record-Setting Profits

By | October 31, 2022

President Biden responds to reports over recent days of major oil companies making record-setting profits even as they refuse to help lower prices at the pump for the American people.

The White House

You’re not out in the rain with the Halloweeners yeah Yeah I got to go out so you got to come With me Well good afternoon It’s a very short statement but a Consequence of one of my view Putin’s invasion of Ukraine in March set Gas prices soaring literally around the World not just here but around the world And because of the action we’ve taken Since then gas prices have actually come Down going into the Strategic petroleum Reserve here at home in America They’re down more than a dollar twenty Since their Peak this summer And they’ve been falling for the best uh Best part of the last three weeks in June the average price not the most Common price but the average price Nationwide was uh was over five dollars A gallon today the average price for a Gallon of gas is 3.76 That’s adding up to real savings for American families the difference between Those prices And this difference makes a difference In a difficult time Americans across the Country have stepped up and they to do The right thing But not everyone stepped up the oil Industry is not has not met his Commitment to invest in America and Support the American people

One by one major oil companies have Reported record profits not just a fair Return on for hard work every company is Entitled to that a fair return for the Work they do or innovation they generate It means but I mean profits so high it’s Hard to believe Now the second quarter of the profits Were really high the third quarter last Week shell announced that it made 9.5 Billion dollars in profits for the third Quarter 9.5 billion that’s almost twice as much As made in the third quarter of last Year I think that’s something you think That’s incredible I thought my that’s as Good as high is going to get then Along Came Exxon Exxons profits for the third quarter Were 18.7 billion dollars One quarter 18.7 billion dollars nearly Triple What Exxon made last year And the most in its 152-year history has Never made that much profit In the last six months six of the Largest oil companies have made more Than 100 billion 100 billion and we had A little discussion about this the three Of us and others 100 billion in profits And two less than 200 days That’s not bad

And here’s why this here’s why this Matters I think it’s outrageous what the The size of the profit here’s what Matters these companies were making Average profits they’ve been making by Refining oil over the last 20 years Instead of the outrageous profits They’re making today and if they passed The rest onto the consumers the price of Gas would come down around an additional 50 cents If they’re investing their profits in Historic as historic rates in their U.S Operations then America would be Producing more oil today prices would be Down even further but rather than Increasing our investments in America or Giving American consumers a break their Excess profits are going back to their Shareholders and they’re buying back Their stocks so the executive pays are Going to Skyrocket Give me a break enough is enough Look I’m a capitalist you’ve heard me Say this before I have no problem with Corporations turning in Fair profit or Getting a return on their investment in Innovation but this is remotely what’s Happening oil companies record profits Today are not because they’re doing Something new or innovative their Profits are a windfall of War The windfall from the brutal conflict That’s ravaging Ukraine and hurting tens

Of millions of people around the globe You know at a time of war and he come to Receive an historic one profits like This has a responsibility to act beyond Their narrow self-interest of its Executive shareholders I think they have a responsibility to Act in the interest of their consumers Their community and their country To invest in America by increasing Production and refining capacity Because they’ve had they don’t want to Do that they they have the opportunity To do that lowering prices for consumers To the pump You know if they don’t They’re going to pay a higher tax on Their excess profits and face other Restrictions My team will work with Congress to look At these up these options that are Available to us and others it’s time for These companies to stop War profiteering Meet their responsibilities in this Country and give the American people a Break and still do very well The American people are going to judge Who’s standing with them and who is only Looking out for their own bottom line I know where I stand and I want to let You I’m going to hear more from me about This when the Congress gets back thank You all very very much appreciate it From Brazil today Mr President

What your your call with Lula from Brazil the president-elect how was it Went very well [Music] For democracy and dealing with his Foreign

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