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
Lebanese Health Ministry: 1 woman martyred, 11 wounded in Israeli strike on residential apartment in Nabatieh, South Lebanon.
Al Mayadeen's correspondent: Four civilians injured in Israeli strike that targeted house in Nabatieh al-Fawqa, South Lebanon.
Al Mayadeen's correspondent in South Lebanon: Israeli warplanes launch strikes on regions of al-Mahmoudiyah, al-Khardali
Al Mayadeen's correspondent in South Lebanon: Israeli aircraft execute series of strikes in Kfar Tibnit, South Lebanon.
Iranian ambassador in Beijing to Al Mayadeen: We hope that Europe and the US give up their illegal actions and authoritarian hegemony.
Al Mayadeen's correspondent: Israeli shelling targets displaced persons' tent in Al-Mawasi, Khan Younis, casualties were reported
IOF storm Jalazone camp, north of Al Bireh city in the occupied West Bank
Israeli media: A severe incident reported in Gaza some time ago
Israeli media: Military evacuation helicopters are transporting injured soldiers from Khan Younis
Israeli media: A security incident has been reported in Khan Younis, southern Gaza Strip

ExxonMobil responds to Biden's call for increased oil production

  • By Al Mayadeen English
  • Source: Agencies
  • 16 Jun 2022 08:53
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

CNBC unveils strategic plan to revitalize Syria energy sector with US

Venezuela accuses ExxonMobil oil giant of conspiring against state

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

Iranian President Masoud Pezeshkian attends a protest following the US attacks on nuclear sites in Iran, in Tehran, Iran, Sunday, June 22, 2025. (AP)

Iran declares victory as ceasefire forces Israeli retreat

  • Politics
  • 24 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Iran launches strikes on Israeli targets, despite alleged ceasefire

Iran victorious as ceasefire with 'Israel' takes effect

  • Politics
  • 24 Jun 2025
Iranian worshippers carry their country's flags in a protest to condemn Israeli attacks on multiple cities across Iran, after the Friday prayers ceremony in Tehran, Iran, Friday, June 20, 2025. (AP)

Iran warns of NPT withdrawal, Strait of Hormuz closure after US attack

  • Politics
  • 22 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The commander of the Quds Force's Palestine Unit, Brigadier General Mohammad Said Izadi (Illustrated by Mahdi Rtail for Al Mayadeen English)
Politics

Who was Mohammad Said Izadi, head of the Quds Force's Palestine Unit?

Hezbollah's now-Secretary-General Sheikh Naim Qassem speaks during an interview with The Associated Press in Beirut's southern suburbs, Lebanon, July 2, 2024 (AP)
Politics

Sheikh Qassem praises Iran resilience in face of 'Israel', US

Al Houthi: Overthrowing Islamic Republic impossible
US & Canada

Sayyed Al Houthi: Overthrowing Islamic Republic of Iran impossible

Reproductive violence used as genocide tool in Gaza: UN
Politics

Reproductive violence used as genocide tool in Gaza: UN

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