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Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained

Biden urges oil companies to stop "war profiteering", or suffer taxes

  • By Al Mayadeen English
  • Source: Agencies
  • 1 Nov 2022 12:54
2 Min Read

The Biden administration works to clean up before midterm elections.

  • x
  • US President Joe Biden
    US President Joe Biden

US President Joe Biden on Monday called on oil and gas companies to use their record profits to lower energy costs for US citizens and increase production - or, pay a higher tax rate. Biden is dealing with midterm elections and crippling energy prices.

Biden has recently criticized major oil corporations reeling in heaps of profit while Americans are paying substantial numbers to fill their vehicles with fuel. 

The US president's urgency comes after failed talks to get Saudi Arabia to increase oil production rather than cut it, with Biden warning Riyadh that he will have to reconsider his relationship with Riyadh after its decision. 

Read more: Biden threatens KSA with 'consequences' over OPEC oil output cut

The oil industry “has not met its commitment to invest in America and support the American people,” he said, adding they're not just making a “fair return”, they’re making “profits so high it is hard to believe."
 
“Their profits are a windfall of war,” he declared. “I think it’s outrageous." 

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“If they don’t, they’re going to pay a higher tax on their excess profits, and face other restrictions,” he said. “It’s time for these companies to stop war profiteering.”

He stressed that if the companies pass profits on to consumers, gasoline prices would be down by 50%.

According to Biden, oil and gas companies should invest their profits in cooling down prices for citizens and increasing oil production. If they do not, Biden will be urging the US Congress to force oil companies to pay tax penalties and face other restrictions.

Last month, Biden announced his intention to put a final 15 million barrels on the market from a record release of US strategic oil reserves, with more releases possible if energy prices spike, a senior US official said. 

Exxon Mobil Corp and Chevron Corp posted another round of huge quarterly profits as they had been benefitting from the increase in natural gas and fuel prices, essentially boosting inflation. Experts believe that regardless of whether Democrats or Republicans take control of Congress, getting oil corporations to pay taxes will be difficult.

Read next: US recession 100% certain in 12 months, Bloomberg forecasts

  • Chevron
  • United States
  • ExxonMobil
  • midterm elections
  • Joe Biden
  • US elections

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