October 31, 2022, 5:10 PMPresident Joe Biden arrives to deliver remarks on oil company profits in the Roosevelt Room of the White House on Oct. 31, 2022, in Washington, D.C.President Joe Biden, little more than a week away from Election Day, presented something of an ultimatum to gas and oil companies: ramp up production or pay a higher tax rate.
Biden threatened imposing a higher tax on excess profits and other restrictions if companies don't increase production and refining capacity to drive down prices at the pump. "What I mean is profits so high it's hard to believe," Biden said, accusing companies of passing the profits back to shareholders and buying back their stock.President Joe Biden arrives to deliver remarks on oil company profits in the Roosevelt Room of the White House on Oct. 31, 2022, in Washington, D.C.MORE: Rising gas prices could shape the midterms: Here's where fuel costs stand in key states.
If oil companies passed on their excess profits to consumers, Biden said the price of gas would go down by 50 cents.
Bastards making fortunes while people suffer.
Maybe he should stop financing a war?
Good for you Biden, but what you are seeing is call greed.
Well no shit! Jesus Christ.
They need to give the American people a break with this high ass rent and still have old appliances in the homes and apartments. Went apartment hunting and they still look like something from the 1990’s early 2000’s and want $1500. Old cabinets just painted over. VP POTUS
Ok so within a week in office you shut down our pipeline, empty our reserves, put 700,000 pipeline workers out of work blame everyone else now you want them to ramp up production. Did you get dropped on your head again
if he really wanted them to ramp up production he wouldn't have stopped them from doing so on federal land. Fraud and liar.
I can’t sit here and watch this liar tell a bunch of crap.
And taking from the oil reserves only fueled their greed.
BidenCrimeFamilly Adrenochrome Sick fucking Pedos!!!!
We aren't at war
He needs to be banned from Twitter for misinformation.
🖕jb!
POTUS needs to direct the government to get out of the way and grant the permits and reduce the regulations this is needed to to what he is asking
All i see is.....
The only war we are fighting here in America is Biden's war on the American people. The only way America can fight back is vote and stop his destruction. He is a disgrace as a President and as an American.
Democratic way.., blame someone else
Threats always work wonders!
Liar.
'war profiteering' omg these guys throw all kinds of words against the weall in a search to avoid all of us using the proper words 'Biden is a failure as expected'. We arent at war dummy. even if we were, id say 'thats why u dont forfeit energy independence.
The Saudi's now own/run most of the worlds oil refineries. We don't produce our own oil anymore and we have fewer refineries processing our oil. We've delivered ourselves, into the hands of those who don't have our best interest at heart.
Was there a declaration of war by Congress no one knows about?
What a hypocrite
He's the king of spin! How much was he willing to pay the Saudi s, for their oil? Plus, if you can't produce more oil, in larger quantities, you are going to raise the price on what you have left.
Its a shame he cancelled federal land leases that were already operational and made the oil companies start the prospecting phase all over again.
Yo I tagged you guys in the video of the student trying to haymaker then stab a kid to death yesterday. Did you address that yet?
Oh what a demented tool.
His actions are coming back to bite. Pretty telling.
Lower prices = more consumption; if added to the oil given and sold outside of the country there will be less available to us here in the U.S. Results? tell me.
Increase Drilling,fracking and complete pipeline
Sure... open keystone... allow drilling on new fields...
Oil companies don't care about people. They care about money. They will never give anyone a break but themselves. Only strong legislation will make corporations do the right thing... and politicians: stop taking big money for your campaigns.
Dazed and confused, the Biden years, documenting the fall of a country. Book title ?
America needs to drill for oil, more jobs. and independents. Joe stopped it, it's time to get it going again. WE THE PEOPLE WILL VOTE YOU OUT!!!
🤣 What nonsense. Nice way to distract from what is really going on there.
The best DEMAGOGUE POTUS … he made it happen and now blames others … typical DemoRat … same as GovSisolak SenCortezMasto CortezMasto SteveSisolak EvanMcMullin VoteDarlene
Always Been Comz
Ease up air drilling regulations-we have the oil, so let us drill !
I hope the White House press secretary clears up any misconceptions for the American voter as to whether the United States is at war or not. WHPressSec kaitlancollins
Why is he suddenly so concerned about war profiteering after he practically financed the war?
This president is without a doubt a master of deceit. How about RaytheonTech or northropgrumman. Cuz I’m sure they’re going broke at times like these eh JoeBiden
Neo-Libertarians? 'All for us none for you'. The War on American working class families. Keep them ignorant, poor, and oppressed..🦊📚👈
What a dope! Like we don’t know what he’s done to the oil industry to cause this!
It was you that put restrictions on gas and oil companies, restrictions that caused me money.
Failed leadership in real time! Biden has always been incompetent!!!
The average cost of gas when JoeBiden took office was $2.39. It’s Joe’s fault and he knows it. Nice try.
Why are they 'profiteering' when they make a profit, but nothing when two years ago, oil prices were below zero? I guess democrats think businesses should run on fairy dust and never have a profit.
Who do you think caused the problem to begin with, Joe? The first day of your administration you canceled everything. Talk about trickle down economics. The rest of the world had no choice but to follow.
Oh....so you mean your attack on energy didn't cause this? 🤔🤔. Guess your quid pro quo didn't work with the Saudi's huh? 😂🤣😂. What a muppet
Says ABC.....what's in your closet
Biden made a campaign promise to put them out of business. Why would they do anything for Biden? And how are the war profiteering? We are literally running out of diesel but Biden is exporting our energy to Europe. This is all Biden’s mess of his own making.
Perhaps STOP your attack on the Oil and Gas Industry, and then INVESTORS might want to back them and more drilling can occur, but no one wants to hear the truth.
Greed is an acceptable trait by most Republicans CEO’s..
You mean fix what you messed up when you became president? Why not do the right thing and clean up your own mess?
Please, stop talking 🤦♂️
The DC Oligarchs need to stop themselves & the Military Industrial Complex from war profiteering
'War profiteering' ... meanwhile we have been sending billions to Ukraine in money and equipment and propping up one of the most corrupt govts in the world, and we have to send our own inspectors there to make sure our military weapons aren't being sold on the black market.
Stop smoking crack!!!
Biden & Dems war on fossil fuels/climate agenda is responsible for high oil/gas prices which causes high inflation. Biden could reverse his bad policies by removing the red tape & opening spigots, but he prefers putting nat’l security at risk & destroying American livelihoods!
He is rug pulling on US people !
Wow that accomplished nothing. A finger wag won’t stop them, the force of law will
Don’t tax them
Then stop the war! Talk to Putin, directly. Figure this thing out!
We are not at war, I didn’t see or hear Congress vote!
It’s Biden‘s fault that the oil companies are looking to make windfall profits due to his declaration of war on them. This will prolong their existence through his insane socialist agenda that they fear the most. America was built on capitalism not socialism. This is all Biden!
You made a product that we could cheaply make in our own country and declared war on it. Not knowing your insane agenda,big Oil companies had to shore up their profits so you couldn’t completely destroy them. You declared war on Americans by doing so. You are the worst president!
Funny how these corporations only became greedy after Biden’s policies were enacted. 🤔🤔🤔
how to kiss ass when your super rich
Sounds like he’s talking about the Government
What about weapons manufacturers!!
Ramp up production of a dirty fossil fuel? Wait, what?
More desperation rhetoric by Biden just like depleting oil reserves instead of admiting his failed energy policy moved us away from Energy Independencd and lower prices in the first place. Stop the lies & start accepting responsibility for failed policies
You have ukraine how much
Maybe ol Joe shouldn't have said he was going to shut the oil companies down.
It’s time for Biden to reverse his energy policies as clearly they are total failures POTUS
What an absolute buffoon.
More war on the oil companies by Biden and the Dems. The White House is doing all it can to kill this essential energy source. When the price of gas skyrockets at Christmas, it will be Biden’s gift to liberals. When we run out of diesel and fuel oil, just remember, JOE DID THIS.
They never did this until Joe got elected and shutdown US production is what he's saying. 🤔
Prices are high because gas is high, and gas is high because Russia has been driven from the market and the Saudis have no competition. End the war for everyone’s sake.
I guess blaming Putin isn't working anymore.
Jajajaj Joe Biden is a disaster
We absolutely love you joey the shark! Bite them Joey! Bite them right in the ass!
Name a specific company please. One at a time. One every other week, so they can feel an impact of a consumer boycott. Let us help Asking won’t get it done. Hitting the bottom line profit will.
They're just gathering as much value until your law pulls the plug on oil and converts to electric.
It's time for Joe Biden to stop sniffing kids and stealing money.
Why shouldn't they Pfizer allowed to selling snake oil !!!
How is it possible one man can screw up a country in two years? Fuel prices were low under Trump and WE all know that. Biden threats to shut down coal plants was the driver for inflation...not Russia. Obama warned us about Biden. He said 'Biden could F things up'; and he has.
Thank you President Biden!
Sure Joey. 🙄
Here’s who can give the American People a break, SloJoe Biden by removing the asinine policies he put in place when he came in office. Why is it there responsibly to bail out his ignorant liberal policies?
Why doesn’t congress haul them in to testify?
emang gw siapa....? bukan presiden amerika lagi....
When campaign promises have consequences.
He has no clue how markets work. What he’s asking for is no different than raising minimum wage. It’s just going to make it more expensive.
He's right damn gas to Effingham High specially California 👍
said by a traitor, buying oil from dictator countries and selling reserve oil to China...
Oh my god. Did he not make his election promise on big oil is going down not on our soil? Am I living in a different universe?
Threaten to NATIONALIZE it! And then watch them freak out!
This guy blames everyone for everything he’s the president and he need to start taking responsibility
What about weapons manufacturers!!
The whole world is laughing at America 😡
So let's stop from JoeBiden getting election contributions from these companies.
Great job by President Biden, but on the other hand, the European Union does not buy American energy, which means it made matters worse, and they waited for more crises
Says the leader of a nation thriving unashamedly on war profiteering
Of course he blames everyone except his policies which caused all high prices
DO SOMTHING ABOUT IT!
45% tax seems reasonable! Biden, prolly consider Federalizing gasoline & diesel. Clearly, 'free markets' aren't working! Trump allowed Saudi Arabia to buy out full control of US refineries! Kick out Saudi Arabia!!
War is in Europe. They are affected too but don’t blame oil giants. Take the responsibility for inflation.
What’s wrong with his right eye? He has trouble keeping it open.
Oil companies said fuck Brandon
But how they gonna do that when our oil goes to Europe?
why not give a speech to colleges and universities whose tuition costs have moved consistently higher for over 25 years? at least gas prices fluctuate, have actually been down in 6 of the last 10 years. and gas gets you farther than it did 10 years ago unlike a college degree.
says the guy who is playing nuclear brinksmanship with Russia.
After he was the one using putting, the war and everything else as an excuse for him raising the gas and oil prices.
Move out the way big oil and gas the big guy needs his cut first.
He literally stopped their production 🙄
More lies. It's the Democrat Green cult War on American Energy. The fewest oil Leases since WWII. Banking/investing firms blocking money from Fossil Fuels (Jim Scarey). Wake Up. Fossil Fuel is required for EVERYTHING we consume. Medical Requires it. Food Requires it. Everything
Well if he wouldnt have shut down our pipelines, we would be producing our own oil and gas.
🤡
Oil companies can't 'ramp up' production when drilling permits are denied, refineries regulated out of existence, pipeline projects are blocked & a President promises to destroy their industry.
1st day on the job Biden stopped drilling on federal lands, shut down refineries, delayed/rejected permits, shut down pipelines, raised taxes & imposed more regulations on big oil & pressured banks to stop doing business with big oil. Biden said he will eliminate fossil fuels.
President Biden can declare a national, economic emergency and freeze oil prices.
IT'S TIME FOR ABC TO STOP LYING TO AMERICA TOTAL SCUM REPORTERS
Ramping up production of oilandgas would've been easy if your policies hadn't destroyed the process
😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
Look at those eyes. Nobodies home.
Why doesn't he end regulations and increase off shore drilling
I was just gonna say Biden needs to stop profiteering and meet his responsibilities.
If you wanted companies to stop profiting on war maybe we should stop funding war..?
No the MAGAts like throwing their money away at the wealthy and blaming the poors. No one ever accused them of being too smart.
mr altruistic himself...and he knows 2020 was a crooked election
Idiot
He shut them down. You do realize that most Americans know the truth and don’t buy your lies. Btw- Paul Pelosi’s attacker had blm and gay pride flags on his home. Where was everyone’s rage when other govt officials were threatened? Or when others were killed for campaigning?
Yet he and the left have zero problems with big pharma making record profits. What's the difference?
Now do Ukraine!!! How much profit are you making from that scheme?
Now do Pfizer
By the way, Europe spends over US$87 billion subsidizing the cost of fossil fuel.
Worst president ever.
What about the market? Is he really implying that all oil companies have to do is lower prices? What about those US reserves he’s been dipping into? What about getting the ball rolling and not rely on foreign powers for things like oil, especially during the times of post covid?
Sounds like Joe is saying we're at war.
Joe Biden destroyed American energy independence.