Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian media: Israeli occupation forces storm the Old City in the center of Nablus, occupied West Bank
Local sources to Al Mayadeen: Sudanese army forces drones strike town of Kabkabiya, North Darfur.
Syrian Observatory: The plane is loaded with air defense systems and heavy weapons as part of US troop reinforcements to its bases in northeastern Syria
Syrian Observatory: US cargo plane lands with two military helicopters at Kharab al-Jir base in the countryside of Rmeilan, north of Hasakah
Miguel Díaz-Canel to Gustavo Petro: US seeks to reimpose the Monroe Doctrine in its relations with sovereign states in Latin America and the Caribbean.
The Abu Ali Mustapha Brigades, the military wing of the PFLP, says they handed over the body of an Israeli captive to the Israeli occupation forces in implementation of the clauses of the ceasefire agreement.
Al Mayadeen correspondent: Israeli drones are flying over the presidential palace in Baabda, Mount Lebanon, and over the skies of the capital, Beirut, and its suburbs.
Al Mayadeen's correspondent in South Lebanon: Israeli warplanes launch a series of raids on the al-Mahmoudiya and Jarmaq areas
Trump reiterates proposal for Russia and Ukraine to stop at current front line, negotiate later
Reuters: Trump says no discussion regarding Ukraine ceding Donbas to Russia

ExxonMobil responds to Biden's call for increased oil production

  • By Al Mayadeen English
  • Source: Agencies
  • 16 Jun 2022 07:53
5 Min Read

ExxonMobil responded to the US President by urging his administration to enact emergency measures.

  • x
  • The logo for ExxonMobil appears above a trading post at the New York Stock Exchange in 2019.(AP)
    The logo for ExxonMobil appears above a trading post at the New York Stock Exchange in 2019.(AP)

US oil giant ExxonMobil responded to US President Joe Biden’s appeal for solutions regarding the energy crisis by urging his administration to enact emergency measures, such as suspending maritime restrictions, in the hope of boosting production. 

In a letter to the oil industry released earlier in the day, Biden pressed major energy companies to take immediate actions to increase the supply of gasoline, diesel, and other refined products. 

Earlier, on Wednesday, ExxonMobil released a statement that they "have been in regular contact with the administration to update the President and his staff on how ExxonMobil has been investing more than any other company to develop U.S. oil and gas supplies. This includes investments in the U.S. of more than $50 billion over the past five years, resulting in an almost 50% increase in our U.S. production of oil during this period."

The oil giant also stated that "In the short term, the US government could enact measures often used in emergencies following hurricanes or other supply disruptions - such as waivers of Jones Act provisions and some fuel specifications to increase supplies." 

The Jones Act restricted all shipping between US ports to be conducted solely by vessels carrying the American flag. In 2021, in May, the US waived the Jones Act twice in order to meet fuel demand. At the time the country was struggling with supply following the shutdown of the Colonial Pipeline as a result of a cyber-attack.

As for a long-term solution, ExxonMobil suggested the US government promote “clear and consistent” policies that support the development of resources. Some of those developments include but are not limited to, regular and predictable lease sales, streamlined regulatory approval, and support for infrastructure such as pipelines.

The US energy crisis

The national average price for regular unleaded gas in the United States rose to $5.016 per gallon on June 14th, according to data from the American Automobile Association (AAA), which tracks prices at more than 60,000 gas stations across the country.

Historically, the highest prices have been recorded in California, up to $6.44 per gallon, and the lowest in Georgia, at $4.49 per gallon.

In reaction to skyrocketing energy prices and the war in Ukraine, countries around the world are pouring money into new natural gas plants, which might undermine any hope of reducing global warming.

Related News

ExxonMobil set to re-enter Iraq with new Majnoon oil field deal

CNBC unveils strategic plan to revitalize Syria energy sector with US

Read more: Federal Reserve hikes rates by 0.75%, biggest increase since 1994

According to a recent study, governments such as the United States, Germany, the United Kingdom, and Canada are investing in new gas production, delivery, and consumption in order to censure Russia.

The findings of the Climate Action Tracker research initiative show a rush for gas that will lock countries into the use of fossil fuels at a critical time when scientists have warned that a decisive shift to lower-carbon alternatives within the next few years is the only way to avoid climate breakdown.

ExxonMobil, the climate crisis, and inflation

In May of this year, Exxon was accused in Healey's lawsuit of violating the state's consumer protection laws by concealing what it knew about the climate impact of burning fossil fuels for decades.

The state also claims that the company misled investors about the risks that global warming poses to its business.

Exxon alleged that the lawsuit violated legislation prohibiting so-called strategic lawsuits against public participation, or SLAPPs, which are used by wealthy individuals and corporations to silence critics. The Massachusetts Supreme Judicial Court ruled that anti-SLAPP laws do not apply to government cases.

The Massachusetts Supreme Court ruled, on May 25th, that ExxonMobil, the largest oil company in the United States, must stand trial on charges of lying about the climate crisis and covering up the fossil fuel industry's role in worsening environmental devastation.

It is worth mentioning that the largest fossil fuel businesses in the world made a major profit: $93.3 billion, to be precise, following the global chaos following the war in Ukraine.

Exxon made $8.8 billion, which marked a 300% increase year-on-year in 2021.

While corporates have been cashing up massive numbers, the world has been dealing with unprecedented inflation.

Climate activists and environmentalists have called the profits "obscene," arguing that fossil fuel profits would not be so rewarding if governments handled the climate crisis as they should.

The increasing oil profits are alarming given that scientists have repeatedly warned that the world should move towards less dependency on fossil fuels in order to avoid various disasters, including heatwaves, drought, and other climate emergencies.

Read more: US in contact with Ukraine about 2 US fighters captured by Russia

  • ExxonMobil
  • Energy crisis
  • Oil and gas
  • US
  • Exxon
  • Oil Production
  • Oil prices

Most Read

Yemeni Armed Forces Chief of Staff Major General Mohammad Abd al-Karim al-Ghamari , during a ceremony in an undisclosed locations in Yemen, undate (Yemeni Military Media)

Yemeni Armed Forces mourn martyred Chief of Staff al-Ghamari

  • Politics
  • 16 Oct 2025
How an Israeli-backed firm spied on US churches to push propaganda

How an Israeli-backed firm spied on US churches to push propaganda

  • Politics
  • 15 Oct 2025
Zionists Fundamentally Misread Iran Due To Their Own Echo Chambers

Zionists fundamentally misread Iran due to their own echo chambers

  • Analysis
  • 15 Oct 2025
From previous scenes of the Qassam Brigades targeting an Israeli D9 bulldozer with a Yassin 105 shell, east of Deir al-Balah. (Military Media of the Qassam Brigades)

US knew fatal Rafah blast cause was not Hamas op., says journalist

  • Politics
  • 20 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Inside Trump’s secret campaign to dismantle the ‘Deep State’: Reuters
Politics

Inside Trump’s secret campaign to dismantle the ‘Deep State’: Reuters

ap
Politics

Cuba's president denounces renewed US meddling in region, backs Petro

Bob Vylan: 'Who cares about the chant when Palestinians are killed?'
Arts and Culture

Bob Vylan: 'Who cares about the chant when Palestinians are killed?'

Secretary of State Marco Rubio speaks before a lunch with President Donald Trump and Ukraine's President Volodymyr Zelenskyy in the Cabinet Room of the White House, Friday, Oct. 17, 2025, in Washington. (AP Photo/Alex Brandon)
Politics

Rubio leading US campaign to oust Maduro through force, sanctions: WSJ

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS