US president Joe Biden charged oil companies were “profiteering” from Russia’s invasion of Ukraine as he threatened them with legislation to impose a windfall tax unless they increase output.
His comments come days after the oil and gas producers, including ExxonMobil and Chevron, reported enormous profits, and about a week before crucial midterm elections in which the price of petrol has put fellow Democrats on the defensive.
“At a time of war, any company receiving historic windfall profits like this has a responsibility to act beyond the narrow self-interest of its executives and shareholders,” Biden said on Monday evening.
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