Joe Biden threatens oil companies to tax their superprofits

Joe Biden threatens oil companies to tax superprofits

UPDATE DAY

President Joe Biden will again urge 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, Mr. Biden will once again urge the major oil and gas companies “to invest their record profits in order to lower energy costs for American families and increase their production” . “If they don’t, he will ask Congress to consider taxing them and subjecting them to other restrictions,” the official added.

With a week to go until the midterm elections and while Americans are unhappy with inflation and rising gas prices at the pump, the Democratic president will once again put pressure on the American hydrocarbon giants to help keep rising energy costs in check.

Gasoline prices at the pump remain high for U.S. motorists even though they have retreated in recent months from lows records in the spring rising above 5 dollars per gallon (3.78 liters). 

To temper the increase, caused in particular by the war in Ukraine and the sanctions against Russia, a major producer of oil and gas, the Democratic administration poured on the market some 180 million barrels of crude, drawn, in an unprecedented gesture, from its strategic reserves.

Joe Biden has, on several occasions, pointed the finger at the oil majors, accused of having reaped colossal profits, with the rise in crude oil prices, without trying to “relieve households”.

The average price of a gallon of gasoline stood at 3.76 dollars on Monday, according to the American Automobile Association (AAA) .