Biden to spotlight oil companies’ huge profits amid high prices at the pump

President Biden will deliver remarks Monday highlighting reports of huge profits raked in by oil companies, while Americans are facing high prices at the pump.

Exxon Mobil on Friday morning reported its highest earnings ever at $19.7 billion for the quarter, while Shell reported its second highest of $9.5 billion. The soaring profits in the third quarter of 2022 continue a trend of massive profits for the oil industry as Russia’s invasion into Ukraine is driving up gas prices.

Biden will give remarks at 4:30 p.m. at the White House on “reports over recent days of major oil companies making record-setting profits even as they refuse to help lower prices at the pump for the American people,” the White House said in a statement.

White House press secretary Karine Jean-Pierre on Thursday said Biden believes it’s “unacceptable” for oil companies to be making record profits .

“Energy companies are often quick to raise gas prices when the price of oil goes up, but slow to bring the price of gas down when the price of oil drops,” she said. “We’re seeing that again now with profit margins on a gallon of gas at the pump well above the typical levels.”

She added that Biden is using the bully pulpit to talk about this when asked if he will speak to oil and gas companies directly on the issue.

“When the president uses his bully pulpit, that matters. That does send a very powerful message – a direct message – and to this case, to the oil companies,” she said.

The president earlier on Monday flew to New York to attend a private memorial service. Later that evening, he will host local children of firefighters, nurses, police officers and members of the National Guard at the White House for trick-or-treating.