President Joe Biden discusses efforts to streamline global supply chains and counter rising prices, painting the issue as a worldwide problem fueled by Russian aggression in Ukraine while he was at the Battleship Iowa Museum in San Pedro, Calif., on Friday. Photo by Jim Ruymen/UPI. | License Photo
June 10 (UPI) -- President Joe Biden said Friday in Los Angeles he's working hard to lower inflation. While Americans hurt from high oil and gas prices, Biden said, "Exxon made more more money than God."
The president said oil companies like Exxon have such huge profits because they refuse to produce more oil so they can maintain the high prices that are causing American so much pain at the pump.
"They have 9,000 permits to drill. They're not drilling. What aren't they drilling? Biden asked rhetorically. "Because they make more money not producing more oil. Because they make more money not drilling."
"I understand inflation is a big worry for American families," Biden said at the Port of Los Angeles. "My administration is going to continue to do everything to lower the prices for the American people."
Biden said lowering the cost of shipping would help American families, but noted that the nine largest shipping companies made a $190 billion profit in 2021.
"Let those nine shipping companies understand, the rip-off is over," Biden said.
Before talking about inflation, Biden addressed the bipartisan House January 6 committee hearing Thursday night that starkly accused former president Trump of a corrupt unconstitutional conspiracy to stop the peaceful transfer of presidential power, culminating in 2021 violent Capitol insurrection.
"The insurrection on Jan. 6 was one of the darkest chapters in United States history. A brutal assault on our democracy. A brutal attack on law enforcement, some losing their lives," Biden said. "It's about our democracy itself. We have to protect our democracy."
Biden said Democrats and Republicans can unite to defend democracy so "no one can place a dagger at the throat of our democracy."
"It's important that the American people understand what truly happened, and to understand that the same forces that led to Jan. 6 remain at work today," Biden said.
Biden said the U.S. economy has added 8.7 million jobs since he became president, unemployment is near historic lows, the federal deficit has been cut and families have less debt and more savings.
But he said we've never seen anything like "Putin's food and gas tax" triggered by the war in Ukraine that is helping drive high gas prices, he said.
"I'm doing everything in my power to blunt Putin's gas hike and bring down the cost of oil and food," Biden said.