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Biden says U.S. oil companies sitting on record profits

Published 03/31/2022, 02:13 PM
Updated 03/31/2022, 02:17 PM
© Reuters. U.S. President Joe Biden announces the release of 1 million barrels of oil per day for the next six months from the U.S. Strategic Petroleum Reserve, as part of administration efforts to lower gasoline prices, during remarks in the Eisenhower Executive Of

© Reuters. U.S. President Joe Biden announces the release of 1 million barrels of oil per day for the next six months from the U.S. Strategic Petroleum Reserve, as part of administration efforts to lower gasoline prices, during remarks in the Eisenhower Executive Office Building’s South Court Auditorium at the White House in Washington, U.S., March 31, 2022. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) - President Joe Biden on Thursday accused U.S. oil companies of enjoying record profits while Americans pay high gasoline prices and said they should use the money to produce more oil or restart idle wells rather than pay investors.

"This is not the time to sit on record profits, it's time to step up for the good of your country," he said.

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