US President Joe Biden on Tuesday accused local oil companies of making "unprecedented" profits amid a global energy crisis, calling for a significant tax increase on corporate stock buybacks to direct them to invest more in production.
He said in Biden's annual ′′ State of the Union ′′ speech to Congress: Last year they made $ 200 billion in profits in the midst of a global energy crisis.
"I think it's disgraceful, they invested so little of those record profits to increase domestic production. Instead, they used it to buy back their own shares, rewarding their CEOs and shareholders," he added.
Biden stressed that the United States will need oil for at least another decade, at a time when some companies said to Biden, "We are afraid that all oil refineries will be closed anyway, so why invest in them?"
An optimistic view of the economy
Seeking to show optimism before the 2024 presidential campaign, Biden said that the economy is benefiting from 12 million new jobs, and praised the economy's resilience and strength, as unemployment fell to its lowest level in 54 years last January, adding that Covid-19 is no longer He controls the lives of Americans.
Biden has put forward a list of economic proposals - many of which are unlikely to be passed by Congress - such as a minimum tax on billionaires and a quadruple tax on corporate stock buybacks.
"A billionaire should not pay less tax than a teacher or a firefighter," he said.
Also on the economy, Biden accused Republicans of seeking to "take the economy hostage" in the face of parliamentarians' threats not to vote in favor of raising the debt ceiling.
In his speech, he said, "Some of my Republican friends want to take the economy hostage (...) unless I agree to their economic plans."
And the White House pressed to raise the $31.4 trillion debt ceiling that must be raised in the coming months to avoid a default.
The White House said Biden would not negotiate this imperative, as Republicans want spending cuts in return for their support.