“It is time for these companies to stop profiting from war and take up their responsibilities to the motherland. The American people will judge who is on their side and who only cares about their profits,” President Biden said in a speech at the White House.
US President Joe Biden sent a stern message to oil giants on Monday, calling on them to stop speculating on the war in Ukraine and warning them that they will be taxed at a higher rate if they do not invest their surplus profits to reduce the increased costs that Americans are asked to pay.
“It is time for these companies to stop profiting from war and take up their responsibilities to the motherland. The American people will judge who is on their side and who only cares about their profits,” President Biden said in a speech at the White House.
The oil industry “has not fulfilled its commitment to invest in the US and support the American people”, he said, and underlined that the companies in the sector make “unbelievably high profits”.
“I think it’s outrageous,” Biden continued. “If those gains were passed on to consumers, the price of gas would drop about 50 cents,” he said.
If companies do not contribute to lower fuel prices, “they will be taxed higher on their excess profits and face restrictions,” the US president warned.
RES-EMP
Read the News today and get the latest news.
Follow Skai.gr on Google News and be the first to know all the news.
With a wealth of experience honed over 4+ years in journalism, I bring a seasoned voice to the world of news. Currently, I work as a freelance writer and editor, always seeking new opportunities to tell compelling stories in the field of world news.
