Biden calls on oil companies to stop 'war profiteering'

President Joe Biden called on oil and gas companies to stop "war profiteering."

Specifically, he said the companies should use their record profits to lower costs for Americans and increase production. If not, he threatened a windfall tax.

“If they don’t, they’re going to pay a higher tax on their excess profits, and face other restrictions,” he said. “It’s time for these companies to stop war profiteering.”

Read more from Reuters.