Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian media: Israeli occupation forces storm the Old City in the center of Nablus, occupied West Bank
Local sources to Al Mayadeen: Sudanese army forces drones strike town of Kabkabiya, North Darfur.
Syrian Observatory: The plane is loaded with air defense systems and heavy weapons as part of US troop reinforcements to its bases in northeastern Syria
Syrian Observatory: US cargo plane lands with two military helicopters at Kharab al-Jir base in the countryside of Rmeilan, north of Hasakah
Miguel Díaz-Canel to Gustavo Petro: US seeks to reimpose the Monroe Doctrine in its relations with sovereign states in Latin America and the Caribbean.
The Abu Ali Mustapha Brigades, the military wing of the PFLP, says they handed over the body of an Israeli captive to the Israeli occupation forces in implementation of the clauses of the ceasefire agreement.
Al Mayadeen correspondent: Israeli drones are flying over the presidential palace in Baabda, Mount Lebanon, and over the skies of the capital, Beirut, and its suburbs.
Al Mayadeen's correspondent in South Lebanon: Israeli warplanes launch a series of raids on the al-Mahmoudiya and Jarmaq areas
Trump reiterates proposal for Russia and Ukraine to stop at current front line, negotiate later
Reuters: Trump says no discussion regarding Ukraine ceding Donbas to Russia

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." 

Related News

Kurdistan oil firms reach deal with Baghdad to resume exports

Iraq signs energy deal with US oil giant Chevron

“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

Most Read

Iran strikes secret Israeli-US bunker under Tel Aviv high-rise

Tel Aviv high-rise struck by Iran hid Site 81, secret US-Israeli base

  • Politics
  • 14 Oct 2025
Yemeni Armed Forces Chief of Staff Major General Mohammad Abd al-Karim al-Ghamari , during a ceremony in an undisclosed locations in Yemen, undate (Yemeni Military Media)

Yemeni Armed Forces mourn martyred Chief of Staff al-Ghamari

  • Politics
  • 16 Oct 2025
Israeli occupation violates Gaza ceasefire, killing seven Palestinians.

Israeli occupation violates Gaza ceasefire, kills seven Palestinians

  • Politics
  • 14 Oct 2025
Zionists Fundamentally Misread Iran Due To Their Own Echo Chambers

Zionists fundamentally misread Iran due to their own echo chambers

  • Analysis
  • 15 Oct 2025

Coverage

All
War on Gaza

Read Next

All
UK blocks release of documents on secretive Lammy-Sa’ar meeting.
Politics

UK blocks release of documents on secret Lammy-Sa’ar meeting

Colombia slams Trump’s drug accusation, defends sovereignty
Politics

Colombia slams Trump’s incendiary drug claims, defends sovereignty

The abuse was detailed in Giuffre's memoir "Nobody's Girl: A Memoir of Surviving Abuse and Fighting for Justice." (AP)
Politics

Epstein victim recounts choking, sexual assault by 'well-known PM'

The US Secret Service discovered a hunting stand near the airport President Donald Trump uses in Florida. (US Secret Service)
Politics

FBI probes hunting stand with sightline to Trump’s Air Force One exit

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS