'If they don't, they're going to pay a higher tax on their excess profits.' President Joe Biden sent a stern message to big oil companies whose record earnings have done little for consumers who are still battling high gas prices.
President Joe Biden warned big oil companies who have failed to pass savings to consumers, saying he wants an extra tax on their excess profits.WASHINGTON – President Joe Biden on Monday accused oil companies of"war profiteering," threatening to go after their"outrageous" profits if pump prices don't fall.
"It’s time for these companies to stop war profiteering," Biden said in brief remarks at the White House."The American people will judge who is standing with them and who is only looking out for their own bottom line." "Increasing taxes on American energy discourages investment in new production, which is the exact opposite of what is needed," Mike Sommers, API's president and CEO, said in a statement.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
President Joe Biden coming to Chicago Friday days before midterm electionPresident Joe Biden and Vice President Kamala Harris will be making campaign stops in Chicago prior to Election Day.
Read more »
Joe Manchin blasts Joe Biden days before midterm: 'Divorced from reality'The Democratic senator said that Biden's remarks about closing coal plants 'are the reason the American people are losing trust' in the president.
Read more »
With election 6 days away, President Biden implores voters to save democracy from lies, violenceAfter weeks of reassuring talk about America's economy and inflation, President Joe Biden turned Wednesday night to a darker, more urgent message, warning in the final days of midterm election voting that democracy itself is under threat from former President Donald Trump's election-denying lies and the violence he said they inspire.
Read more »
With election 6 days away, President Biden implores voters to save democracy from lies, violenceAfter weeks of reassuring talk about America's economy and inflation, President Joe Biden turned Wednesday night to a darker, more urgent message, warning in the final days of midterm election voting that democracy itself is under threat from former President Donald Trump's election-denying lies and the violence he said they inspire.
Read more »
WATCH: Laura Ingraham calls Biden an ‘imploding gasbag,’ slams empty energy policiesLaura Ingraham blasted President Joe Biden for rising gas prices, calling him an “imploding gasbag.”
Read more »
President Joe Biden to stump for Rep. Mike Levin in Southern CaliforniaPresident Biden will hold a Get Out the Vote rally with Rep. Mike Levin on Thursday with less than a week to go until the election.
Read more »