Oil industry blasts bids over ‘excessive’ claims of war profits

(Bloomberg) – President Joe Biden’s suggestion that US oil companies are profiting from Russia’s war in Ukraine is “totally outrageous”, according to a trade group representing US oil companies. America.

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Mike Sommers, executive director of the American Petroleum Institute, told reporters Tuesday during a meeting at the conference: “The statement itself is outrageous and I certainly hope that the President will reconsider such statements in the future. “A number of API member companies with joint ventures in Russia withdrew from those companies before the federal government mandated the withdrawal of those funds.”

Read more: Biden warns oil companies he will seek tax on ‘hit the wind’ profits

Sommers on the call also reiterated the points he made on Monday that imposing tariffs on oil and gas companies would actually discourage investment in new production at a time when the US should be encouraging more output. than.

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