Washington, Nov. 1, (TCA/dpa/GNA) - US President Joe Biden on Monday urged major oil companies to stop “war profiteering” and use record profits to boost domestic production as the White House looks to curb rising fuel prices ahead of the midterm election.
Biden accused oil and gas companies of profiting off “a windfall of war” in Ukraine and rewarding their shareholders instead of helping millions of Americans who continue to face higher prices at the gas pump. The president called on energy producers to expand output, invest in new refining capacity and lower prices for US consumers.
“If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions,” he said in remarks from the Roosevelt Room at the White House, flanked by Treasury Secretary Janet Yellen and Energy Secretary Jennifer Granholm.
“It’s time for these companies to stop war profiteering, meet their responsibilities in this country, give the American people a break and still do very well.”
Biden said his administration would work with Congress to explore potential penalties, but any new taxes are unlikely to muster enough support on Capitol Hill, where Democrats would need at least 10 Republicans to overcome a filibuster in the Senate.
GNA