Biden slams oil company profits, threatens windfall taxes as penalty

On Monday, President Joe Biden criticized major oil companies' recent earnings, urging them to invest profits in increasing U.S. production and lowering consumer prices or face possible restrictions.

Biden, arguing that oil companies’ recent profits were a "windfall of war" in Ukraine, said he thinks they have a "responsibility to act in the interest of their consumers, their community and their country." He urged them to direct some profits to boost their U.S. production and refining capacity and to lower gas prices Americans see at the pump.

"If they don’t, they’re going to...