US: Joe Biden calls on oil giants to stop speculation on the occasion of the war in Ukraine

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A stern message to them oil companies giants was addressed by the president of USA, Joe Bidencalling on them to stop speculating on him war in Ukraine and warning them that they will be taxed at a higher rate if they do not invest their excess profits to reduce the increased costs Americans are being asked to pay.

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“It is time for these companies to stop profiting from war and take up their responsibilities to the motherland. The American people will judge who is on their side and who only cares about their profits.”President Biden said in a speech at the White House.

The industry oil “has not fulfilled its commitment to invest in the US and support the American people”he mentioned and underlined that the companies in the sector are reaping “unbelievably high profits”.

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“I think it’s outrageous”Biden continued. “If those gains were passed on to consumers, the price of gas would drop by about 50 cents.”he said.

In the event that companies do not contribute to the reduction of fuel prices, “they will be taxed more highly on their excess profits and face restrictions”warned the American president.

Source: News Beast

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