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."
Biden said his team will work with Congress to look at these options.
"It's time for these companies to stop war profiteering, meet their responsibilities in this country and give the American people a break and still do very well," he added, while delivering remarks at the White House on recent reports of major oil companies making record-setting profits.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.