Biden chides Exxon, oil firms for profits as US faces record inflation

US President Joe Biden has pointed out oil firms who are making stellar profits amid severe inflation which has gripped the entire world

U.S. President Joe Biden on Friday accused the U.S. oil industry, and Exxon Mobil Corp in particular, of capitalizing on a supply shortage to fatten profits after a report showed inflation surging to a new 40-year record.

U.S. consumer inflation accelerated in May as gasoline prices hit a record high and the cost of food soared, leading to the largest annual increase in four decades.

A gallon of regular gasoline cost an average $4.99 nationwide on Friday, according to motorist group AAA.

Biden, who came into office vowing to reduce U.S. dependence on fossil fuels, said on Friday he was hoping