The US president wants them to reinvest their profits to lower energy prices, the White House has announced.
President Joe Biden will urge the oil majors on Monday to reinvest their profits to drive down energy prices and plans, if they don’t, to ask Congress to tax their superprofits.
According to a White House official, Joe Biden will again press the big oil and gas companies “invest their record profits to lower energy costs for American families and increase production“. “If they don’t, he will ask Congress to consider taxing them and subjecting them to other restrictions.“, he added.