Biden chides Exxon, oil companies for profits while everyone else endures inflation

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.

U.S. consumer inflation accelerated in May https://www.reuters.com/markets/us/soaring-gasoline-food-prices-boost-us-consumer-inflation-may-2022-06-10 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 Friday, according to motorist group AAA.

Biden, who came into office vowing to reduce U.S. dependence on fossil fuels, said on Friday he was hoping to speed up oil production, which is expected to hit record highs in the United States next year.

But he also issued a warning to the industry, whose profits have jumped with oil and gas prices, pointing to the gains as evidence consumers are paying for more than higher labor and shipping costs.

https://finance.yahoo.com/news/biden-urges-congress-pass-bills-172845861.html

Good. Need to call them out.