Biden threatens oil and gas companies with additional taxes

US President Joe Biden urged oil and gas companies to use their record profits to reduce gasoline prices for U.S. citizens. If the companies refuse to do so, the President threatens them with additional taxes.

President Biden has criticized major oil and gas companies who are making big profits. Companies are criticized because Americans, tired of ever-increasing inflation, are paying a tidy sum to fill up their cars.

According to Joe Biden, the oil industry has failed to fulfill its obligations to invest in the United States and support American citizens. According to him, the profits of these companies are so high that it is hard to believe.

President Biden finds the fact that oil and gas companies' earnings are so high outrageous. If these profits go to consumers instead of companies, gasoline prices will drop by about 50 cents, the president said.

Biden also stated that oil and gas companies should invest their profits in lowering costs for Americans and increasing oil and gas production. If they don't, the President will urge Congress to consider requiring oil companies to pay tax penalties.

Global energy giants including Exxon Mobil Corp and Chevron Corp posted huge quarterly profits because of rising natural gas and oil prices. Rising gas and oil prices have driven up inflation around the world and led to higher taxation of the sector.

According to energy experts, regardless of which party sits in Congress, passing legislation to tax energy companies on excess profits is likely to be difficult.