Chevron’s $75 Billion Buyback Plan Draws Biden’s Ire as Pump Prices Climb
- Industry says anti-oil rhetoric in Washington deters drilling
- President Biden has implored oil companies to boost production
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Tensions between President Joe Biden and the oil industry are intensifying, stoked by Chevron Corp.’s decision to repurchase $75 billion of shares and boost dividend payouts instead of plowing that money into new drilling.
The renewed acrimony comes as big oil companies are set to report almost $200 billion in collective earnings and alongside climbing gasoline prices that are exacerbating economic pain for consumers already suffering from high inflation.