Oil companies should be subject to windfall taxation if they don’t lower prices US consumers pay to tank fuel, said US President Joe Biden in a statement Monday evening CET.

Biden calls Big Oil profits, gleaned off steep price hikes on energy resulting from the war in Ukraine, ”outrageous”, urging the companies to cut prices.

”If they don’t, they’re going to pay a higher tax on their excess profits, and face other restrictions,” Biden said, adding that the White House will in joint effort with Congress explore such measures and others:

“It’s time for these companies to stop war profiteering.”

The oil industry, Biden says, ”has not met its commitment to invest in America and support the American people,” adding that such profits far exceed a “fair return” and that the “profits [are] so high it is hard to believe.”

“Their profits are a windfall of war,” the president remarks.

Biden continues saying that gasoline prices would be down to 50 US cents a gallon if the companies would pass on bottom-line gains to inflation-stricken consumers.

A gallon equates to 3.8 liters. The price of gasoline varies from state to state, however averaging near USD 3.76.

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