Oil industry reacts to Biden threatening potential windfall tax

Aislinn Murphy / FOXBusiness

Oil industry groups are reacting to President Joe Biden on Monday threatening a potential windfall profit tax or other repercussions if oil companies don’t invest in increasing U.S. production and lowering consumer prices.

The president, arguing in remarks Monday that oil companies’ recent profits were a "windfall of war" in Ukraine, urged them to direct some profits to boosting their U.S. production and refining capacity and to lowering gas prices Americans are seeing at the pump. He said he thinks they have a "responsibility to act in the interest of their consumers, their community and their country."

"If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions," Biden said. "My team will work with Congress to look at these options that are available to us and others. It’s time for these companies to stop war profiteering."...Read more and see video here.