Biden Scolds Oil Producers on Buybacks as Ukraine War Rages
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President Joe Biden said US oil producers shouldn’t be returning record profits to shareholders via higher stock buybacks and dividends while Russia wages war in Ukraine, stepping up his administration’s criticism of the energy industry and its role in high gasoline prices.
“My message to the American energy companies is this: You should not be using your profits to buy back stock or for dividends,” Biden said Wednesday at the White House. “Not now, not while a war is raging.”