Biden, days before midterms, accuses oil companies of 2022
President Joe Biden, little more than a week away from Election Day, presented something of an ultimatum to gas and oil companies: ramp up production or pay a higher tax rate.
"It's time for these companies to stop war profiteering, meet their responsibilities to this country, give the American people a break and still do very well," Biden said as he spoke from the White House on Monday afternoon alongside Treasury Secretary Janet Yellen and Energy Secretary Jennifer Granholm.
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Biden threatened imposing a higher tax on excess profits and other restrictions if companies don't increase production and refining capacity to drive down prices at the pump.
"My team will work with Congress to look at these options that are available to us and others," he said. Congress is currently in recess as lawmakers return home to campaign and stump for their preferred candidates ahead of the Nov. 8 elections.