LOS ANGELES — U.S. President Joe Biden said his administration is doing all it can to tackle inflation, placing blame for rising prices on oil and shipping companies, as new data show consumer prices have reached a four-decade high.
During a speech at the Port of Los Angeles on Friday, Biden said that oil companies are deliberately not increasing production to keep prices high.
He said oil companies “had 9,000 permits to drill. They are not drilling. Why aren’t they drilling?”
“Because they make money not producing more oil,” the president said.
Asked about Exxon’s profits, Biden said, “Exxon made more money than God this year.”
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Yvad Billings Readers Bureau, Contributor
Edited by Jesus Chan
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