The US President has urged the American oil and gas giant ExxonMobil to drill for more oil and make new investments.
Speaking on inflation during an event at the Port of Los Angeles, President Biden said: “We will make sure that everyone knows Exxon profits – Exxon made more money than God this year.
“One thing I want to tell about oil companies – they have 9,000 permits to drill. They are not drilling, why are not they drilling? Because they make more money not producing more oil.
“Number two reason they are not drilling is that they are buying back their own stock, which should be taxed quite frankly and making no new investments. Exxon, start investing, start paying your taxes.”
The UK Government’s cost of living package included a temporary windfall tax of 25% on the excess profits of oil and gas firms.