In his State of the Union address on Tuesday night, President Biden praised the Inflation Reduction Act’s passing and denounced Big Oil’s greedy business practices while asserting that oil would be required “for at least another decade.”
Biden cited IRA provisions aiding recovery in investment in climate-resilient infrastructure and “clean energy Clean energy to cut pollution and create jobs in communities often left behind.” He linked the devastation wrought by “record floods, droughts, storms, and wildfires” across the country to climate change.
In addition, Biden blasted Big Oil for earning “$200 billion in the middle of a global energy crisis” while “invest[ing] too little of that profit to expand domestic production.
” According to Biden, the United States “will need oil for at least another decade and beyond that.” He also criticized the oil industry for utilizing its record profits to “reward its CEOs and stockholders.”
In a prior statement, Biden called for taxing the “windfall of war” accrued by Big Oil. On Tuesday, he called for quadrupling taxes on corporate stock buybacks. Republicans who voted against the IRA but whose districts have profited from it were also called out by Biden.
Don’t worry, Biden continued, “I still get asked to sponsor the projects in those districts as well by Republican friends who voted against [the IRA].” “I pledged to serve as the president of all Americans. We’ll provide funding for these initiatives. And I’ll see you there when construction begins.