Biden accuses oil companies of ‘war profiteering’ and threatens windfall tax

A week out from US midterm elections, president pleads with energy firms to invest profits in lowering costs for American consumers

President Joe Biden has accused oil companies of war profiteering" as he raised the possibility of imposing a windfall tax if companies don't boost domestic production.

In remarks on Monday, just over a week away from the 8 November midterm elections, Biden criticised major oil companies for making record profits while refusing to help lower prices at the pump for American people. The president said he would look to Congress to levy tax penalties on oil companies if they don't begin to invest some of their profits in lowering costs for American consumers.