U.S. President Joe Biden said he will seek to impose higher taxes on oil companies that record ¡°windfall¡± profits without reinvesting in production, with U.S. gasoline prices still high a week ahead of midterm elections.
¡°The oil industry has not met its commitment to invest in America and support the American people,¡± Biden said Monday. He called the industry¡¯s profits ¡°a windfall of war.¡±
Companies that don¡¯t show they¡¯re reinvesting in production, he said, are ¡°going to pay a higher tax on their excess profits and face other restrictions.¡± He added that he would ¡°work with Congress to look at these options that are available to us.¡±
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