‘Outrageous’: Biden slams big oil firms, pharma giants over profits

Biden also blasted big pharmaceutical companies for "unfairly" charging high prices, saying Americans "pay more for prescription drugs than any major nation on Earth."

US President Joe Biden accused big oil companies of profiteering during the recent oil crisis, and urged a huge tax hike on corporate stock buybacks to steer them to invest more in production.

Vice President Kamala Harris and Speaker of the House Kevin McCarthy of Calif., listen as President Joe Biden delivers his State of the Union address to a joint session of Congress at the Capitol, Tuesday, Feb. 7, 2023, in Washington. (AP Photo/Alex Brandon)(AP)

"Last year, they made $200 billion in the midst of a global energy crisis. I think it's outrageous," Biden said.

Biden also blasted big pharmaceutical companies for "unfairly" charging high prices, saying Americans "pay more for prescription drugs than any major nation on Earth."