CNBC’s Jim Cramer Calls Out Biden for Double-Talk Against Big Oil: Can’t Ask Them for Help and Also Tell Them We’re ‘Gonna Wipe You Out’

CNBC’s Jim Cramer called out President Joe Biden on Tuesday for his double-talk against Big Oil amid increasing gas prices nationwide.

The average price of gas nationwide is $4.98, according to AAA.

The segment on Squawk On the Street comes as Biden said he’s mulling a federal gas tax holiday. That tax is 18.3 cents per gallon.

“I hope I have a decision … by the end of the week,” said Biden on Monday.

Biden has slammed oil companies and accused them of prioritizing profits over gas prices.

Cramer noted that Energy Secretary Jennifer Granholm “is going to sit down with the big refining and oil companies, hoping to come up with some sort of compromise.” The meeting is scheduled for Thursday.

Cramer predicted there’s “no chance whatsoever” that a compromise will be reached. He lamented that the oil companies “are never acknowledged for what they’ve done, which is become much more green.” He also mentioned the criticism from Biden that those companies are “not using the leases that they bought.”

CNBC’s David Faber said that “refining capacity is what we need to be talking about here.”

“Now the president did send a letter to the oil companies about refining,” he continued. “But the billions that are needed to build refining capacity and you’re doing it with the idea of [an] expected return over 10-, 12-, 15-year period.”

Faber remarked that “10 or 15 years from now we’re not going to be selling gasoline.”

“We’re going to be electric,” said Cramer.

“Yes,” said Faber.

“That’s why you can’t tell these companies please go flat out but we’re also gonna wipe you out,” said Cramer. “There’s an inconsistency.”

“What do you do if the market is moving that way? Does the government have to provide the bridge the government have to subsidize?” asked Faber.

“I think it does,” said Cramer, causing Faber to moan.

“The government does not want to subsidize companies that are making more money than God,” said Cramer.

Watch above, via CNBC.