Biden Says Big Oil Windfall Is Result Of Brutal War
With earnings season in full force, Biden was responding to a barrage of reports about America’s biggest oil companies posting record profits. In his statement Monday, which was broadcast at 4:30 p.m. EST, Biden said oil companies aren’t making windfalls because of their innovation. Instead, they were reaping windfalls on the back of a “brutal” war launched by Russia in Ukraine. The US president said he would work with Congress to impose tax penalties on oil company profits, but did not elaborate during the briefing and did not take questions from reporters....