US President Joe Biden on Monday raised the possibility of a “windfall tax” on energy companies, as his administration aims to combat high petrol prices days before the midterm elections.
"I think their responsibility to act in the interest of their consumers, their community and their country to invest in America by increasing production and refining capacity," Mr Biden said.
"They have the opportunity to do that … lowering prices for consumers to the pump. You know, if they don't, they're going to pay a higher tax on their excess profits and face other restrictions.
"My team will work with Congress to look at these these options that are available to us and others. It's time for these companies to stop war profiteering and meet their responsibilities in this country."
High prices at the pump have exacerbated inflation and have taken a toll on Mr Biden's and the Democrats’ standing among voters.
And Russia's war on Ukraine has tightened energy markets since February.
"Their profits are a windfall of war," Mr Biden said.
Congress would have to approve any new taxes on energy producers, which would be a tall order in the current legislature, where the Democrats have narrow control of the House and Senate.
It would be even less likely should Republicans retake one or both chambers on November 8.
“Oil companies made billions in profits this quarter,” the US president tweeted on Saturday.
“They’re using these record profits to pay out their wealthy shareholders instead of investing in production and lowering costs for Americans.
"It’s unacceptable. It’s time for these companies to bring down prices at the pump.”
Last week, ExxonMobil broke records with its profits in the third quarter, reporting $19.66 billion in net income, and Chevron had $11.23bn in profits, almost reaching those attained in the prior quarter.
Americans have struggled with abnormally high petrol prices in recent months, paying more than $4.80 on average for a gallon of regular ($1.27 a litre) at the start of July, the AAA reported.
Although this is cheaper than many western nations, Americans are used to paying much less for petrol.
Prices have since fallen to $3.76 on average nationally, but the White House says they should be lower, given declines in global oil prices over the same period.
Mr Biden has been critical of energy companies' profits since at least June, when he complained publicly that: “Exxon made more money than God this year."
AP contributed to this report
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
The Lost Letters of William Woolf
Helen Cullen, Graydon House
Results
6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m
Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)
6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m
Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor
7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m
Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer
7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
Winner: Desert Fire, Hector Crouch, Saeed bin Suroor
8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
Winner: Naval Crown, William Buick, Charlie Appleby
8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watsons
9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor
Youth YouTuber Programme
The programme will be presented over two weeks and will cover the following topics:
- Learning, scripting, storytelling and basic shots
- Master on-camera presence and advanced script writing
- Beating the algorithm and reaching your core audience
Hotel Silence
Auður Ava Ólafsdóttir
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
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GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
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Stage 2 Yas Island to Abu Dhabi, 184 km, Road race
Overall leader: Primoz Roglic SLO (Team Jumbo - Visma)
Stage winners: 1. Fernando Gaviria COL (UAE Team Emirates) 2. Elia Viviani ITA (Deceuninck - Quick-Step) 3. Caleb Ewan AUS (Lotto - Soudal)
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Nick's journey in numbers
Countries so far: 85
Flights: 149
Steps: 3.78 million
Calories: 220,000
Floors climbed: 2,000
Donations: GPB37,300
Prostate checks: 5
Blisters: 15
Bumps on the head: 2
Dog bites: 1
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
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