Biden calls on oil companies to “stop profiting from war” and threatens them with taxes

US President Joe Biden on Monday called on oil and gas companies to use their record profits to cut costs for Americans and increase production, or pay a higher tax rate, as he struggled to rein in gasoline prices a week before the midterm congressional elections.

In remarks at the White House, Biden criticized the big oil companies that reap huge profits while Americans, tired of inflation, pay a lot of money to fill their cars with fuel.

He said the oil sector “has not fulfilled its commitment to invest in the United States and support the American people.” He added that companies not only achieve a “fair return”, but also “profits so high that it is hard to believe”.

Referring to the conflict in Ukraine, Biden said companies “have made unexpected gains because of the war,” and they have a responsibility to take action.