President Joe Biden on Monday said he now supports enacting a tax on excess profits made by oil companies that have seen record revenues in the months since Russia’s war on Ukraine caused prices to spike.
Speaking from the Roosevelt Room of the White House alongside Treasury Secretary Janet Yellen and Energy Secretary Jennifer Granholm, Mr Biden said the US oil industry “has not has not met its commitment to invest in American support the American people” even as they have reported “record profits” that go beyond “a fair return for hard work”.
