White House blasts oil companies again over failing to increase oil supplies


U.S. oil companies received another round of criticism on Friday from the White House after Chevron Corp announced its annual profit doubled for 2022.

The company posted a record $36.5 billion for the year and at the same time said it plans to triple spending on share repurchases, something that prompted a White House official to accuse oil companies of using profits to pay shareholders instead of increasing the nation’s oil supply reported Reuters.

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