Biden accuses oil companies of 'war profiteering' amid energy crisis, record profits
'Their profits are a windfall of war,' president says
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President Joe Biden accused oil firms of "war profiteering" amid an ongoing global energy crisis as those companies post record profits.
"It’s time for these companies to stop war profiteering, meet their responsibilities in this country and give the American people a break and still do very well," Biden said Monday at the White House.
His comments come amid Russia's war against Ukraine which has skyrocketed oil and natural gas prices, while majors ExxonMobil, Chevron, Shell, BP, ConocoPhillips and TotalEnergy earned more during the last two quarters compared to their total profits last year.
The president’s remarks also come one week before the US midterm elections on Nov. 8 with American consumers struggling with higher gasoline and natural gas prices.
Biden urged the companies to use some of their profits to increase crude production or use their position to benefit American consumers through lower prices.
"Their profits are a windfall of war, a windfall for the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe," said Biden.
"My team will work with Congress to look at these options that are available to us and others,” he said. “If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions.”
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