* President Joe Biden will work with Congress on a 'windfall tax' on energy companies
* 'Oil companies' record profits today are not because they're doing something new or innovative,' Biden said in remarks at the White House
* 'Their profits are a windfall of war,' he said
* Such a tax is unlikely to be approved by Congress if Republicans take power in November
* Last week Exxon Mobil broke records with its profits in the third quarter, raking in $19.66 billion in net income, and Chevron had $11.23 billion in profits
* A 'windfall profits tax' would fall on the profits of energy firms that are in excess of their typical annual profits
* Biden trying to lower gas prices ahead of midterm election * Congress would have to approve any new tax
* Biden making remarks on energy prices at White House Monday afternoon
President Joe Biden railed against Big Oil's exorbitant profits as he called on Congress to impose a 'windfall tax' on energy companies in a speech Monday.
'Oil companies' record profits today are not because they're doing something new or innovative,' Biden said in remarks at the White House. 'Their profits are a windfall of war. The windfall from the brutal conflict is ravaging Ukraine and hurting tens of millions of people around the globe.'
Biden announced that he would work with Congress on a tax targeted at what he deems 'excess' profits, but did not lay out the details.
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WNU Editor: Diesel and home heating oil prices at record highs. Gas prices now rising. President Biden and the Democrats must blame someone for a situation that many Americans are now suffering from. This is most unfortunate. The focus should be on how to increase US oil and energy production, not taxing those who produce it.
U.S. President Biden Accuses Oil Companies Of ‘War Profiteering’. Threatens Windfall Tax
Biden paints oil firms as war profiteers, talks windfall tax -- AP
Biden Warns Oil Firms He'll Seek to Tax Their 'Windfall' Profits -- Bloomberg
Biden threatens higher taxes on oil companies if they do not work to lower gas prices -- CNBC
Biden bashes oil sector for ‘war profiteering,’ warns of windfall tax on profits -- Politico
Biden threatens oil companies with ‘higher tax’ if they don’t increase production -- The Hill
Biden Accuses Oil Companies of ‘War Profiteering’ and Threatens Windfall Tax -- New York Times
Biden, days before midterms, accuses oil companies of 'war profiteering' on gas prices -- ABC News
Biden floats new taxes while accusing Big Oil of "windfall of war" -- Axios