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Russia’s invasion of Ukraine has led to rising oil prices all over the world, an issue that has hampered US President Joe Biden’s administration. Biden called out oil and gas companies for recording large profits following the rise in crude prices.
In remarks on Monday, Biden criticized oil and gas companies for recording big profits as the price of crude increased due to the war. The US leader also warned that if the leading companies in the country do not invest some of the profits into lower costs for the American people, they may face windfall tax. Biden described the record profits as a “windfall from the brutal conflict that is ravaging Ukraine and hurting tens of thousands of people around the globe.”
“It’s time for these companies to stop war profiteering, meet their responsibilities in this country and give the American people a break and still do very well,” said Biden. The US leader said that the oil and gas companies could face “a higher tax on their excess profits and face other restrictions.”
US rivals Chevron and ExxonMobil reported profits in the $70 billion range in 2022, an increase of nearly three-fold from 2021.
The warning to the oil companies comes ahead of the midterm elections in the country in November. The warning is also seen as an effort to address voters who have been affected by inflation, which Republicans are seeking to run on in the upcoming races. The midterm elections would determine which party controls one or both chambers of Congress.
“Because the Biden administration knows that Americans look at the price of gasoline as a harbinger of how they are doing overall economically, this was a moment for the president to come out on Monday and say to voters that he is still working this problem,” said Rosiland Jordan of Al Jazeera.
Meanwhile, the Supreme Court has rejected an appeal by GOP Senator Lindsey Graham Tuesday to block a judge’s order requiring him to testify before a grand jury in Georgia as part of a criminal probe by the Fulton County District Attorney in an effort to overturn the state’s results in the 2020 election.
Graham, who serves as the senator for South Carolina, argued that as a member of Congress, he is protected by the speech and debate clause and therefore is immune from questioning in the investigation. There was no public dissent from the justices.
