Biden is threatening a windfall tax on energy companies, after he slammed them for 'war profiteering'
US President Joe Biden hit out at energy companies for posting bumper profits this year amid the Ukraine war, calling on them to increase production to help bring down gas prices at the pump — or pay a windfall tax.
"The oil industry has not met its commitment to invest in America and support the American people," he said Monday, according to aHe said energy companies will have to boost output and refining capacity or face the consequences. The Biden administration has focused on gas prices and energy giants' profits in the buildup to crucial midterm elections on November 8. Even before oil and gas companies reported bumper third-quarter earnings, the presidentBiden said energy companies are entitled to a fair return for work or innovation, but the profits this time are"so high, it's hard to believe."
"Oil companies' record profits today are not because they're doing something new or innovative. Their profits are a windfall of war — the windfall from the brutal conflict that's ravaging Ukraine and hurting tens of millions of people around the globe," the US leader said. Oil majors ExxonMobil, Chevron, Shell, and TotalEnergies are on track to give $100 billion in profits to shareholders in the form of buybacks and dividends this year, according to data compiled bOil prices began recovering from the end of 2020, as demand rebounded on the easing of pandemic restrictions. They rose even more after Russia invaded Ukraine on February 24, thanks to supply disruption and sanctions against major exporter Russia.
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