Biden backs windfall tax for oil companies: ‘It’s time for these companies to stop war profiteering’

President Joe Biden called for Congress to look into a windfall tax for oil companies, as he made an effort to address elevated gasoline prices ahead of next week’s midterm elections. “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,” Biden said during a brief speech at the White House. Ahead of Biden’s remarks, a White House official said the president would again urge oil and gas companies XLE, +0.84% to invest their record profits in lowering costs for Americans and increasing production, and that he would call for a windfall tax if the companies don’t act. The American Exploration & Production Council said a windfall tax would probably backfire, and the U.S. government should provide permits for pipelines and support U.S. production. Republicans have seized on raging inflation, including high fuel prices, as they aim to win control of Congress in the Nov. 8 midterms.