(Bloomberg) — President Joe Biden’s suggestion that US oil companies are profiting from Russia’s war in Ukraine was “absolutely outrageous,” according to the trade group representing American oil and natural gas companies.
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“The statement itself was outrageous, and I would certainly hope that the President would reconsider such statements in the future,” Mike Sommers, chief executive officer for the American Petroleum Institute, told reporters Tuesday on a conference call. “A number of API member companies who have joint ventures in Russia withdrew from those before the federal government mandated those withdrawals.”
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Sommers on the call also reiterated points he made Monday that a windfall tax on oil and gas companies would actually discourage investment in new production at a time when the US should be encouraging more output.
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Source: https://finance.yahoo.com/news/oil-industry-blasts-biden-over-153758348.html