Biden proposes tax on oil companies’ profits amid record earnings | USA TODAY

President Joe Biden warned big oil companies who have failed to pass savings to consumers, saying he wants an extra tax on their excess profits.

RELATED: Biden touts Micron’s $100 billion plan for New York tech manufacturing | USA TODAY

“It’s time for these companies to stop war profiteering,” Biden said in brief remarks at the White House. “The American people will judge who is standing with them and who is only looking out for their own bottom line.”

The head of the American Petroleum Institute, the top lobbying group for the oil and gas industry, said Biden’s proposal would backfire.

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