Biden Accuses Oil Companies of War Profiteering, Threatens Windfall Taxes and Restrictions

Biden Accuses Oil Companies of War Profiteering, Threatens Windfall Taxes and Restrictions
U.S. President Joe Biden speaks at a reception for the Pennsylvania Democratic Party in Philadelphia on Oct. 28, 2022. Mandel Ngan/AFP via Getty Images
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President Joe Biden took aim at oil companies on Monday, accusing them of profiting from Russia’s invasion of Ukraine while threatening to tax excess oil profits if companies do not bolster production in the United States.

In remarks from the White House, Biden said he is a “capitalist” and has “no problem with corporations turning a fair profit or getting the return on their investment” but that oil companies currently posting record profits are doing as a result of the war in Ukraine.
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