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Biden Calls for Penalties on Oil-and-Gas Companies’ ‘Windfall’ Profits
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WASHINGTON—President Biden called on Congress to penalize oil-and-gas companies if they don’t use their profits to help lower energy costs for consumers, ratcheting up his criticism of the fossil-fuel industry ahead of next week’s midterm elections.
“Their profits are a windfall of war,” Mr. Biden said Monday at the White House. “At a time of war, any company receiving historic windfall profits like this has a responsibility to act beyond the narrow self-interest of its executives and shareholders.” World energy prices have risen in the aftermath of Russia’s invasion of Ukraine.
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