U.S. President Joe Biden said he will seek to impose higher taxes on oil companies that record "windfall” profits without reinvesting in production, with U.S. gasoline prices still high a week ahead of midterm elections.
"The oil industry has not met its commitment to invest in America and support the American people,” Biden said Monday. He called the industry’s profits "a windfall of war.”
Companies that don’t show they’re reinvesting in production, he said, are "going to pay a higher tax on their excess profits and face other restrictions.” He added that he would "work with Congress to look at these options that are available to us.”