Biden Threatens Oil Companies' Permits

President Biden warned oil companies last week that if they don't do more to help address rising prices, he will revoke their drilling permits on federal lands. While touting that gas prices have fallen to below $4 at 30,000 gas stations across 35 states, he said more needs to be done.

Biden's message to the oil industry

• Use profits from Ukraine to increase production and refining, not buy back stock or dividends
• Global price cap on Russian oil will keep supply up and Putin's revenue down
• The real answer is clean energy, which means cleaner renewable energy, more affordable electric vehicles, and more clean energy manufactured here in the US
  1. Biden: The oil industry has more approved permits for production on federal lands than they can possibly use.
  2. President Biden warned oil companies last week that if they don’t do more to help address rising prices, he will revoke their drilling permits on federal lands.
  3. The industry has more approved permits for production on federal lands than they can possibly use.
  4. First, we're going to look at ways to increase oil production from the existing wells and permits that exist today, he said.
  5. That means cleaner renewable energy, more affordable electric vehicles, and clean energy manufactured here in the United States, he said.
  6. The president went on to argue that the real answer is not getting gas back to an affordable level, but clean energy.
  7. Look, thirdly, we'll talk about a global price cap on Russian oil that I got our partners to agree to last month at the G7 that will keep supply up and Putin's revenues down.
  8. Don't say we can't you don't have access, he added. 

https://townhall.com/tipsheet/leahbarkoukis/2022/07/26/biden-threatens-oil-companies-n2610801