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
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country
AEOI Chief Mohammad Eslami: We witnessed new, stricter stances from European countries since signing new agreement with IAEA
Saree: Our UAV force targeted the so-called Ramon Airport in the Umm al-Rashrash area in southern occupied Palestine

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

Iraq signs energy deal with US oil giant Chevron

US issues limited license for Chevron in Venezuela: Bloomberg

“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

Pro-"Israel" conservative Charlie Kirk shot during Utah speech

American far-right activist Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Britain Trained Israeli Soldiers Involved in Gaza War: Declassified
Europe

UK training of Israeli officers sparks outcry over Gaza war complicity

Luxembourg's Prime Minister Luc Frieden arrives for an EU summit at the European Council building in Brussels, Thursday, June 26, 2025. (AP Photo/Omar Havana)
Politics

Luxembourg to recognize Palestine at UN summit next week

European Union flags flap in the wind outside EU headquarters in Brussels, Wednesday, Sept. 3, 2025 (AP)
Politics

EU exec. branch to adopt new sanctions against 'Israel' on Wednesday

Charlie Kirk killing suspect faces charges in Utah court hearing
US & Canada

Charlie Kirk murder suspect faces formal charges in Utah court hearing

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