A couple of months ago, U.S. President Joe Biden urged energy companies to stop ‘war profiteering’ and even threatened to slap them with windfall tax if they failed to invest their profits in lowering costs for Americans and increasing production. The calls came at a time when Big Oil has been posting record profits amid high commodity and energy prices. The majority of energy companies have avoided spending big to expand production in the aftermath of the 2020 oil crisis, prioritizing returning more cash to shareholders…
