White House press secretary Jen Psaki criticized a number of U.S. oil companies Thursday for not doing more to reduce domestic gas prices.
Psaki fielded a question during Thursday’s White House press briefing about comments a number of industry executives made in February about the decision not to expand drilling operations in order to preserve profits for shareholders.
WHITE HOUSE FUMES OVER STAGNANT GAS PRICES AS CRUDE OIL TUMBLES
“Well, I think it’s hard for them to make the argument it’s anything other than business decisions on their part,” she stated. “The oil and gas industry right now is receiving profit, windfall profits. We’ve seen that they publicly report their profits, they publicly report this information, and instead of keeping up with current demand, too many of these companies, in our view, are making the calculated decision of returning money to investors and shareholders through buybacks and dividends, instead of expanding production enough in the short term.”
“Again, it’s a business decision,” Psaki said. “I think there’s clear evidence of them acknowledging and even shouting that out.”
The White House and President Joe Biden have bristled at the minute price decreases people have been seeing at the pump, even as crude oil prices have plummeted.
“Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it’s $4.31,” Biden tweeted Wednesday. “Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans.”
Oil prices are decreasing, gas prices should too.
Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it’s $4.31.
Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans. pic.twitter.com/uLNGleWBly
— President Biden (@POTUS) March 16, 2022
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
You can watch Thursday’s entire briefing below.
