“Oil companies made billions of dollars in profits this quarter”Biden tweeted on Saturday. “They are using these record profits to pay their wealthy shareholders instead of investing in production and lowering costs for Americans. It is unacceptable. It is time for these companies to lower prices at gas stations.”
High prices at gas stations have exacerbated inflation and taken a toll on Biden and Democrats standing with voters.
Congress would have to pass any additional taxes on energy producers, which would be a tall order in the current Congress, where Democrats have limited control of the House and Senate, and even less likely in the event that Republicans regain control of one or both chambers on November 8.
In the past week, Exxon Mobil broke records with its profit in the third quarter of the year, taking in $19.66 billion in net income, and Chevron had $11.23 billion in profit, nearly matching the record profit it posted in the previous quarter.
Americans have battled painfully high gas prices in recent months, paying an average of more than $4.80 for a gallon of regular gas in early July, according to the American Automobile Association (AAA). Since then, they have fallen to 3.76 on average nationally, but the White House considers that they should be lower, given the fall in oil prices worldwide during the same period.
Source: Ambito
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