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Biden to ask Congress to act if oil cos don’t lower costs, White House says

Biden to ask Congress to act if oil cos don't lower costs, White House says
© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks at the Pennsylvania Democratic Party’s third annual Independence Dinner in Philadelphia, Pennsylvania, U.S., October 28, 2022. Reuters/Tasos Katopodis

WASHINGTON (Reuters) – U.S. President Joe Biden on Monday will call on oil and gas companies to invest some of their record profits in lowering costs for American families, a White House official said.

“And if they don’t, he will call on Congress to consider requiring oil companies to pay tax penalties and face other restrictions,” the official said on condition of anonymity.

Source: Investing.com

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