Biden threatens to impose taxes on oil companies for profiting from the Ukraine war

MADRID, 1 Nov.

Biden threatens to impose taxes on oil companies for profiting from the Ukraine war

MADRID, 1 Nov. (EUROPA PRESS) -

US President Joe Biden has threatened oil and gas companies with new taxes for profiting from the Ukraine war with windfall profits and for not trying to lower gasoline prices.

Specifically, Joe Biden, who has made these statements in the White House surrounded by the Secretary of the Treasury, Janet Yellen, and the Secretary of Energy, Jennifer Granholm, has accused the gas and oil companies of having an "unexpected profit from the war", with which they are rewarding their shareholders. "It is time for these companies to stop profiting from war," he stressed.

The US president has urged companies to cut prices to help consumers. "If they don't, they will pay higher tax on their excess profits and face other restrictions. It is time these companies stop profiting from war and live up to their responsibilities in this country," he warned.

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