Biden calls on oil, gas companies to stop 'war profiteering,' threatens windfall tax

U.S. President Joe Biden on Monday called on oil and gas companies to use their record profits to lower costs for Americans and increase production, or pay a higher tax rate, as he battles high pump prices with elections coming in a week, Qazet.az reports.

In remarks at the White House, Biden criticized major oil companies who are bringing in big profits while Americans, weary of inflation, pay a tidy sum to fill up their cars.

The oil industry “has not met its commitment to invest in America and support the American people,” he said. They’re not just making a “fair return” he said, they’re making “profits so high it is hard to believe,” Biden said.

“Their profits are a windfall of war,” he said, of the conflict that is ravaging Ukraine, and they have a responsibility to act.

“I think it’s outrageous,” he said. If they passed those profits on to consumers, gasoline prices would be down about 50 cents, he said.

“If they don’t, they’re going to pay a higher tax on their excess profits, and face other restrictions,” he said. The White House will work with Congress to look at these options and others. “It’s time for these companies to stop war profiteering.”