Biden Accuses Oil Companies of ‘War Profiteering’ – Threatens Punishment

Joe Biden

( – With just a week to go before the 2022 midterm elections conclude, President Joe Biden is threatening American oil companies with much higher taxes if they don’t reduce the price of gasoline for consumers at the pump.

As CNBC notes in, “Biden threatens higher taxes on oil companies if they do not work to lower gas prices”:

“President Joe Biden threatened Monday to pursue higher taxes on oil company profits if industry giants do not work to cut gas prices.

Biden has criticized oil companies that have made record-high profits as consumers struggle to keep up with high gas prices. The price of a gallon of gas was $3.76 on Monday, according to AAA, down from a record of over $5 in June but still higher than a year ago.

“‘Their profits are a windfall of war,’ Biden said, referring to Russia’s war in Ukraine, which prompted Western sanctions that reduced oil supply. ‘It’s time for these companies to stop their war profiteering.’

“‘If they don’t they’re going to pay a higher tax on their excess profits,’ he said.” [emphasis added]

By way of examples of profits being made, Biden noted:

Shell made $9.5 billion in profits in the third quarter, almost double what it made in the same period last year, Biden said. Exxon’s profits in the third quarter were $18.7 billion, nearly triple what Exxon made last year and the most in its 152-year history.” [emphasis added]

What is your opinion? Do you believe American oil companies are engaging in war profiteering, as Biden claims? Are they price-gouging Americans at the pump? Please share your thoughts by emailing [email protected]. Thank you.