Joe Biden has whipped the American oil companies that are getting rich with Putin’s war in Ukraine. “Some companies are increasing production, but others like the price increase,” he said, recalling that the industry majors generated $ 80 billion in profits last year. Biden asked US companies to increase production.
Allies and partners could release 30 to 50 million barrels of oil, Biden said in his latest move to tackle high prices, especially gasoline, to the White House.
The US president, in presenting his plan which provides for the release of 1 million barrels of oil per day for six months from national strategic reserves in an attempt to stem the increase in energy prices, linked the increase in the price of gas to the Russian invasion of Ukraine. «The reason for this is Putin’s war. And now many people are no longer buying Russian oil in the world. I have banned the import of Russian oil here in America. Republicans and Democrats in Congress called for it and I supported it, “Biden said, adding that” it was the right thing to do, but I said at the time it would come at a cost. “
“As Russian oil exits the global market, oil supplies go down and prices go up. Now Putin’s price increase is hitting the Americans, ”Biden added.