“It’s time for these companies to stop war profiteering,” President Joe Biden said in an address Monday on the little coinkidink of increasing prices at the pump and record oil company corporate profit reports, Reuters explains.
Biden pointed out that if oil companies were simply maintaining their profits instead of jacking up prices, gas would be 50¢ lower at the pump. Instead, he said, the fuel companies are increasing their profit margin by percentages of the price of oil, allowing them to enjoy windfall profits as oil from Russia is being boycotted due to its invasion of Ukraine.
Biden said oil companies should be reinvesting these profits into their infrastructure and renewable energy projects. The oil industry, Biden said, “has not met its commitment to invest in America and support the American people.”