Biden warns oil companies with strict measures if they do not stop the profit from war

In the address to the White House, President Beden criticised leading oil companies that are making big profits, while Americans, tired of inflation, are paying substantial amounts to supply their cars.

The oil industry “has not fulfilled its pledge to invest in America and support the American people”, he said. They are not simply showing the profits they are entitled to, he said, they are making <x2); profits as high as it is hard to believe,” President Biden said.

Their “winnings are an unexpected benefit of war”, he said, referring to the conflict that is destroying Ukraine and adding that they have the responsibility to act.

“I think it's revolting”, he said. If it were to pass those profits on consumers, gas prices would be lowered by about 50 cents, the president said.

If they don't, they will pay a higher tax on their surplus profits and face other restrictions”, he said. The White House will work with Congress to examine these and other options. It's time these companies stopped taking advantage of war”.

President Biden said oil and gas companies should invest their profits in lowering costs for Americans and increasing production, and that if they do not, he will ask Congress to consider the possibility of forcing oil companies to pay tax fees and face other restrictions.

The president delivered the speech just a week before Americans decide whether his party's Democrats will continue to have control of Congress. Republicans seem to be the favorites to get most of the House of Representatives, while for the Senate it's not clear.

Global energy giants, including the Exxon Mobil Corps companies. and Chevron Corp., published another round of major quarterly profits, benefiting from rising natural gas and fuel prices that have driven inflation worldwide and have prompted new calls for further taxation of this sector. / VOA/