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

WASHINGTON – 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.

(Reporting by Alexandra Alper and Steve Holland; Editing by Chizu Nomiyama)