Biden accuses oil companies of not meeting their responsibilities

U.S. President Joe Biden urged major oil companies to use record profits to boost domestic production as the White House looks to curb rising fuel prices ahead of the midterm election.

Biden accused oil and gas companies of profiting off the situation in Ukraine, and rewarding their shareholders instead of helping millions of Americans who continue to face higher prices at the gas pump. The president called on energy producers to expand output, invest in new refining capacity and lower prices for U.S. consumers.

"If they don't, they're going to pay a higher tax on their excess profits and face other restrictions," he said in remarks from the Roosevelt Room at the White House.

"It's time for these companies to meet their responsibilities in this country, give the American people a break and still do very well."

The president said any company that's receiving historic profits during a time of war has a "responsibility to act in the interest of their consumers, their community and their country."