Biden says ExxonMobil ‘made more money than God’

• ExxonMobil’s first-quarter profits more than doubled to $5.5 billion.
• The petroleum giant also increased spending on share buybacks by $20 billion.
• Energy prices have risen 34.6 percent in the last year.

President Joe Biden chastised ExxonMobil on Friday for not producing more oil, as rising gas prices drain Americans’ wallets and the US leader’s popularity ahead of the midterm elections.

“This year, Exxon made more money than God,” he said, advocating for higher taxes on oil companies.

Despite lower oil and natural gas volumes, ExxonMobil reported massive profits in the first three months of the year, as crude prices rose following Russia’s invasion of Ukraine.

Oil companies “have 9,000 permits to drill. They’re not drilling. Why aren’t they drilling? Because they make more money not producing more oil,” Biden said in comments at the Port of Los Angeles hours after the government released a devastating inflation report reflecting soaring energy prices.

And with the higher profits, “they’re buying back their own stock, which should be taxed quite frankly. Buying back their own stock and making no new investments.”

After a dreadful 2020 amid Covid-19 lockdowns that devastated petroleum demand, oil companies returned to profitability in 2021 and have continued to see earnings skyrocket this year.

ExxonMobil’s first-quarter profits more than doubled to $5.5 billion, and revenues rose 52.4 percent to $87.7 billion.

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The petroleum giant also increased spending on share buybacks by $20 billion, and while it has planned to increase capital spending in 2022, Exxon ruled out additional investment.

Biden, whose popularity has plummeted in the face of the highest inflation in four decades and sky-high gas prices.

Government data released Friday showed the consumer price index jumped 8.6 percent compared to May 2021, up from 8.3 percent in the 12 months ending in April and topping what most economists thought was the peak in March.

Energy prices have risen 34.6 percent in the last year, and fuel oil prices have more than doubled, rising 106.7 percent, the largest increase in CPI history dating back to 1935.

Oil prices have mostly remained above $100 per barrel after peaking at around $130 per barrel in early March, shortly after Russia invaded Ukraine. According to AAA, the national average for gas hit $4.99 per gallon on Friday, setting a new record for American drivers.

Read more: Joe Biden warns US inflation