Biden says oil companies should ramp up production and cut prices

Fresno CA

Description

"My message to the American energy companies is this: You should not be using your profits to buy back stock or for dividends. Not now. Not while a war is raging," Biden said. "You should be using these record-breaking profits to increase production and refining." Profits at the six largest publicly traded oil companies topped $70 billion in the second quarter, Biden said, adding that in the first half of the year, those companies spent $20 billion on buybacks — "the most significant buyback in almost a decade." "So far American companies are using that windfall of profits to buy back their own stock, passing that money on to their shareholders, not to consumers," he said.