(Bloomberg) — President Joe Biden is eyeing a windfall tax on energy companies that are accruing record profits even as gasoline prices remain high at the pump, the Associated Press reported Monday.
Biden will deliver remarks on “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 earlier Monday.
The White House did not immediately respond to a request for comment on the AP report.
Biden has taken aim at oil companies, criticizing record profits and saying they need to do more to bring prices down for consumers instead of passing the windfall on to investors.
Read more: Exxon Rebuts Biden’s Attack on Profits, Citing Dividend Payout
While gas prices have fallen slightly in recent weeks, the overall rise in costs to consumers weakened Democrats’ prospects heading into next week’s midterm elections, which will determine whether the party maintains its current House and Senate majorities. Americans continue to rank the economy and inflation as their top priorities in polling.
The national average cost of gas in the US stood at $3.76 on Sunday, according to the American Automobile Association, more than 30 cents higher than the price this time last year.