US President Biden paints oil firms as war profiteers, talks windfall tax

President Joe Biden on Monday accused oil companies of war profiteering as he raised the possibility of imposing a windfall tax on energy companies if they don’t boost domestic production.

Biden in brief remarks criticised major oil companies for making record-setting profits while refusing to help lower prices at the pump for the American people. The president suggested he will look to Congress to levy tax penalties on oil tax companies if they don’t begin to invest some of their profits in lowering costs for American consumers. The president issued the warning just days before the November 8 midterm elections.

“My team will work with Congress to look at these these options that are available to us and others,” Biden said.