President Joe Biden has lashed out at American oil companies that are making "windfall" profits without lowering prices for consumers at the pump.
He called on the companies to increase production and refining capacity, failing which, "they're going to pay a higher tax on their excess profits and face other restrictions."
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Business News
April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.