Biden to knock oil company profits in White House remarks

U.S. President Joe Biden will make a statement on Monday regarding oil companies making record profits while Americans pay high gasoline prices, the White House said.

Biden will make remarks at 4:30 p.m. (2030 GMT) in response "to reports over recent days of major oil companies making record-setting profits even as they refuse to help lower prices at the pump for the American people," the White House said in a statement.

Global energy giants including Exxon Mobil Corp and Chevron Corp posted another round of huge quarterly profits, benefiting from surging natural gas and fuel prices that have boosted inflation around the world and led to fresh calls to boost taxes on the sector.

Biden has regularly criticized energy companies for not lowering gasoline prices in line with market forces; the price of gasoline and overall high inflation are a political stumbling block for the president's Democratic party as it tries to maintain control of the U.S. Congress in the upcoming midterm elections.