E2-Wire

Exxon tries to preempt fury from first-quarter profits

by Ben Geman - 04/27/11 7:21 PM ET

“ExxonMobil owns less than 1 percent of the world’s oil reserves, and it produces less than 3 percent of the world’s daily oil supply, so it’s really not credible to suggest that we are responsible for world oil prices,” Cohen writes.

He also notes that these oil prices are the main component of prices at the pump.

Cohen’s post comes as the White House is increasingly criticizing oil companies and ramping up its push to repeal tax incentives. Democrats in the House and Senate are getting in on the action too.

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