President Biden called for oil companies to increase their supply. This is despite previously calling for an end to fossil fuel drilling. The president previously called out oil companies for not reinvesting their profits to expand production. This expansion would help lower energy prices for consumers.
In a tweet on Monday Biden also noted that six of the largest oil companies have in the past half a year made more than $100 billion. This money according to the President should have been reinvested so that supply could be expanded and the price at the pump can be lowered.
This post, while not in line with previous calls about drilling, is in line with the President’s general message about “corporate greed”. Biden has also previously said that oil companies that don’t reinvest their money will be faced with higher taxation and “other restrictions”.
Simultaneously, Biden had previously pledged to completely stop oil drilling on both federal land and offshore. This agenda was also repeated during a rally for New York’s Democratic Gov. Kathy Hochul. Following this comment, a climate protester called Biden out on his two different comments about oil drilling.
Biden has maintained that he hasn’t “formed any new drilling,” as he claimed in his response to the protester.
