US president criticises oil companies for making record profits amid the Russia-Ukraine war, warns of higher tax.
US President Joe Biden has criticised oil and gas companies for recording big profits after crude prices surged following Russia’s invasion of Ukraine.
Biden, speaking ahead of the November 8 mid-term elections, warned that if leading oil companies do not invest some of their profits to lower costs for American consumers, they could face a windfall tax.
US rivals Chevron and ExxonMobil have reported profits in the range of $70bn this year, almost a three-fold increase from 2021.
Biden said on Monday the record profits were a “windfall from the brutal conflict that is ravaging Ukraine and hurting tens of thousands of people around the globe”.
“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”, he said....
English (US) ·