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Biden blames oil firms of 'war profiteering' due to energy crisis, peak income
(MENAFN) US leader Joe Biden blamed oil companies of "war profiteering" after a current international energy catastrophe as those firms register peak income.
"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 stated on Monday at the White House.
His remarks were made after Russia's conflict versus Ukraine which has surged oil and natural gas costs, whereas main ExxonMobil, Chevron, Shell, BP, ConocoPhillips as well as TotalEnergy gained more throughout the last two quarters in comparison to their overall income in 2021.
The leader’s comments also come one week amid the US midterm voting on the 8th of November with American consumers dealing with issues of increased gasoline and natural gas costs.
"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," according to Biden.
"My team will work with Congress to look at these options that are available to us and others,” he mentioned.
Adding that “If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions.”
"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 stated on Monday at the White House.
His remarks were made after Russia's conflict versus Ukraine which has surged oil and natural gas costs, whereas main ExxonMobil, Chevron, Shell, BP, ConocoPhillips as well as TotalEnergy gained more throughout the last two quarters in comparison to their overall income in 2021.
The leader’s comments also come one week amid the US midterm voting on the 8th of November with American consumers dealing with issues of increased gasoline and natural gas costs.
"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," according to Biden.
"My team will work with Congress to look at these options that are available to us and others,” he mentioned.
Adding that “If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions.”
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