Biden threatens new tax to end ‘war profiteering’ ...News

Record profits for oil firms are the “windfall of war,” the US president said US President Joe Biden has vowed to impose new taxes to restrain the “excess profits” of American oil companies, insisting they must help to lower prices for consumers while accusing firms of reaping undue benefits from the war in Ukraine. The president took the oil industry to task during a Monday address, speaking alongside Energy Secretary Jennifer Granholm and Treasury head Janet Yellen. He argued that companies have seen “profits so high it’s hard to believe” since fighting erupted in Eastern Europe earlier this year, and must start

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