Biden seizes on high oil profits ahead of the midterms

The Biden administration is seizing on huge earnings calls from oil companies as it seeks to give voters a response to relatively high gasoline prices ahead of next week’s midterms.

President Biden has repeatedly sought to place blame on the industry for the high prices, but has ramped up its rhetoric in the wake of massive earnings.

And while analysts say that large parts of the price are set by the global oil market, not by individual companies, the optics of massive profits while Americans struggle with inflation gives the administration something to cling to.