Biden threatens oil majors with taxes on excess profits
US President Joe Biden has urged oil majors to reinvest their profits in lowering energy prices, explaining that if they do not, he will require Congress to tax their excess profits.
A White House official said Biden had put pressure on oil and gas majors to "invest their record profits in reducing energy prices for American households and increasing their production."
"If you don't
- Biden will ask Congress to consider taxing it
- and subjecting it to other restrictions,"
- the official continued.
Biden: US oil companies reap record profits and do not support American people
US President Joe Biden has announced that US oil companies are making record profits against the backdrop of energy market conditions, but are "not fulfilling their commitments to support the American people."
The oil industry "has not implemented its commitments to invest in America and support the American people," Biden told reporters on Monday at the White House.
"One after another the big oil
companies have revealed reports on record profits"
Profits are so large that they are hard to believe, he noted.
Companies direct their excess profits to shareholders rather than increasing investments in America or improving the situation for American consumers.
The U.S. administration is looking at raising taxes and imposing restrictions on excess profits for U.S. oil companies, which refuse to cut fuel prices in the country.
Americans slam Biden and accuse him of deception after attacking oil companies
U.S. citizens have sharply criticized President Joe Biden for his remarks accusing U.S. oil companies of not fulfilling America's "duty to invest in America, to support the American people."
Followers of TV channel CNBC commented on Biden's recent attacks against U.S. oil companies, calling them "raves."
Commenting on the remarks, one follower said:
Rave... This man first closes the oil facilities and prevents their development, and then blames the oil companies
Wasn't his intention to shut down the oil industry, another questioned?
Another follower commented:
"Expect defeat on November 8 if you battle the Saudis and your nation's oil production stops" (midterm congressional election day).
Earlier, Biden attacked U.S. oil makers
saying they received record profits, and accusing them of not fulfilling America's "duty to invest in America, to support the American people."
The U.S. administration is working with Congress on raising taxes and imposing other restrictions on U.S. oil companies that receive unexpected profits and refuse to cut fuel prices in the country.
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