Republicans LAUGH as Biden says “we’re going to need oil for at least another decade” while blaming executives for high gas prices
- Biden warned oil companies to buy back shares
- He said the country would need oil for a decade and “beyond.”
- There were boos in the room amid the fossil fuel controversy
President Joe Biden made Republicans laugh during his State of the Union address when he said the nation must rely on oil and gas for “at least” another decade.
That comment, including lines not included in his prepared remarks, came despite his administration’s intense push on climate change and multi-billion dollar programs aimed at weaning the nation off oil in favor of green technologies.
Biden made the admission while describing his comments to oil executives. “When I talk to a couple of them, they say we’re afraid that you’re going to shut down all the oils and all the oil refineries anyway. So why should we invest in them?
“I’m saying we’re going to need oil for a decade,” Biden said – only to have his thoughts interrupted by a loud laughter from the Republican side of the aisle.
“And beyond that,” he continued, talking over the laughter. ‘We’re going to need it!’ he added — in a speech in which he was also booed and tangled with Republicans over their plans to cut Social Security.
Republicans assembled in the House of Representatives laughed audibly as President Biden said the nation will “need oil for a decade.”
Speaker of the House Kevin McCarthy, seated behind him on the podium, could be seen smiling and scratching his face.
Biden then returned to his prepared remarks, blaming oil companies for not investing in production to keep gas prices down. Biden spent much of last summer getting hammered on gas prices, and the issue was seen as a burden on Democrats in the election.
Republicans laughed as Biden made the comments on oil before attacking oil executives over stock buyback programs that were pushing up stock values
Biden, seen with Rep. Brittany Pettersen (D-Colo.), walked off the script to talk oil and energy
Biden has slammed oil majors for refusing to invest enough in production
He complained that oil majors are “using record earnings to buy back their own stock, which rewards CEOs and shareholders. Companies should do the right thing, he said, proposing quadrupling the tax on share buybacks.
“We will need oil for at least another decade,” he said, “and beyond.”
Biden’s own climate targets call for a 50 percent reduction in emissions by 2030 from 2005 levels, a steep decline.
During his tenure, Biden, with his long-term climate goals, had to manage consumer and business demand for cheaper gas. His government released millions of barrels from the country’s strategic oil reserves amid price spikes his government attributed to the war in Ukraine.
When he took office, he imposed a moratorium on new oil and gas leases on state land and lifted it last summer while reducing acreage and increasing royalties.