Biden says oil companies should ramp up production and cut prices at the pump instead of buying back stock, paying dividends

“My message to the American energy companies is this: You should not be using your profits to buy back stock or for dividends. Not now. Not while a war is raging,” Biden said. “You should be using these record-breaking profits to increase production and refining.”

• Profits at the six largest publicly traded oil companies topped $70 billion in the second quarter, Biden said, adding that in the first half of the year, those companies spent $20 billion on buybacks.
• Biden promised to purchase oil to refill the Strategic Petroleum Reserve once the price hits $70 a barrel...MORE