Major oil firms have been encouraged by US President Joe Biden to reinvest their earnings in lowering energy costs; if they do not, he will ask Congress to impose taxes on their additional profits.
According to a White House official, Biden renewed his pressure on the major oil and gas firms to use their record profits to lower energy costs for American families and boost production.
“If you don’t, Biden will ask Congress to consider taxing them and placing other limitations on them,” he continued.
Biden threatens to tax the major oil firms’ excess earnings.
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