Published 2 years ago

Biden Takes Aim at Oil Companies as Inflation Rises

Summary by Ground News

President Joe Biden said oil companies are deliberately not increasing production to keep prices high. Labor Department data Friday showed that consumer prices rose 8.6% in May from the previous year. The cost of gas was up nearly 50% in one year, and groceries rose nearly 12% in that timeframe.

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IBTimes

Facing Record Inflation, Biden Aims At Oil Companies

U.S. President Joe Biden on Friday said he was working with U.S. oil companies to boost output to record levels next year, while accusing the industry of capitalizing on a supply shortage to fatten profits. U.S. consumer inflation accelerated in May as gasoline prices hit a record high and the cost of food soared, leading to the largest annual increase in four decades. Biden, who came into office vowing to reduce U.S. dependence on fossil fuels…

2 years ago·United States

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Financial Post

Facing record inflation, Biden chides Exxon, oil companies for profits

LOS ANGELES -- U.S. President Joe Biden on Friday accused the U.S. oil industry, and Exxon Mobil Corp in particular, of capitalizing on a supply shortage to fatten profits after a report showed inflation surging to a new 40-year record. Read More

2 years ago·Canada

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VOA News

Biden Takes Aim at Oil Companies as Inflation Rises

U.S. President Joe Biden said his administration is doing all it can to tackle inflation, placing blame for rising prices on oil and shipping companies, as new data show consumer prices have reached a four-decade high. During a speech at the Port of Los Angeles on Friday, Biden said that oil companies are deliberately not increasing production to keep prices high. He said oil companies “had 9,000 permits to drill. They are not drilling. Why aren…

2 years ago·United States

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Deccan Herald

Facing record inflation, Biden chides Exxon, oil companies for profits

US President Joe Biden on Friday accused the US oil industry, and Exxon Mobil Corp in particular, of capitalizing on a supply shortage to fatten profits after a report showed inflation surging to a new 40-year record. US consumer inflation accelerated in May as gasoline prices hit a record high and the cost of food soared, leading to the largest annual increase in four decades. A gallon of regular gasoline cost an average $4.99 nationwide on Fri…

2 years ago

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New Delhi Times

Biden Takes Aim at Oil Companies as Inflation Rises - New Delhi Times - India Only International Newspaper

2 years ago

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92 News HD Plus

Facing record inflation, Biden chides Exxon, oil companies for profits

US President Joe Biden accused the US oil industry, and Exxon Mobil Corp in particular, of capitalizing on a supply shortage to fatten profits after a report showed inflation surging to a new 40-year record.

2 years ago

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