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Once again, an American president targets UK companies to win votes

The Telegraph

Once again, an American president targets UK companies to win votes

Shell and BP’s windfall profits have made them an easy target for Biden’s populism

: CHIEF CITY COMMENTATOR

Calling on the oil and gas industry to “stop war profiteering”, Biden said: “The oil industry has a choice. Either invest in America by lowering prices for consumers at the pump and increasing production and refining capacity. Or pay a higher tax on your excessive profits and face other restrictions.”

Shell meanwhile, only has itself to blame for being name-checked in his speech after boss Ben van Beurden performed a screeching U-turn on a windfall tax last week. Having said as recently as February that he was not convinced by the need for government intervention, the Dutchman conceded last week that it was “a societal reality” “to help the most vulnerable in society”.

“Last week, Shell announced that it made $9.5bn in profit for the third quarter…I think that’s something,” Biden said.

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