'They ain't seen nothing yet': President Biden just accused oil companies of 'wa...

In the wake of scorching inflation and Russia’s war in Ukraine, major gas companies like Chevron and Exxon Mobil are raking in profits. And it’s got President Joe Biden hot under the collar.

“Record profits today are not because they’re doing something new or innovative. The profits are a windfall of war,” Biden said in remarks at the White House on Monday, accompanied by Treasury Secretary Janet Yellen and Energy Secretary Jennifer Granholm.

With gas prices still elevated, and an expensive winter ahead, Biden says he’s ready to force these oil companies to act — but while his words for these companies may be strong, he may not have the power to back them up.

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Biden doesn’t mince his words

Biden has been waging a battle with oil companies over the last few weeks, but he escalated it Monday when he called on them to “act beyond their narrow self-interest,” to “invest in America by increasing production and refining capacity” on behalf of “their consumers, their community and their country.”

And if they don’t? Biden warns they’re going to face “a higher tax on their excess profits and … higher restrictions.”

The president didn’t elaborate on what those restrictions might be, but promised his administration would work with Congress to evaluate all the available options.

“It’s time for these companies to stop war profiteering, meet their responsibilities in this country and give the American people a break,” Biden added.

Oil companies fire back

While gas has dropped from a record high of over $5/gallon in June, it’s still currently hovering around $3.76. And that, along with a dangerously low oil supply and a dwindling diesel stockpile is clearly weighing on Biden.