US President Joe Biden has criticised oil and gas companies for recording big profits after crude prices surged following Russia’s invasion of Ukraine.Biden, speaking ahead of the November 8 mid-term elections, warned that if leading oil companies do not invest some of their profits to lower costs for American consumers, they could face a windfall tax.US rivals Chevron and ExxonMobil have reported profits in the range of $70bn this year, almost a three-fold increase from 2021.
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