Spectacular third-quarter energy company earnings and anxious US politics collided this week, as President Joe Biden lashed out at oil and gas companies in an address from the White House on Monday, accusing them of “war profiteering” while consumers face rising fuel costs.

Biden’s populist turn came just days before the midterm elections that will determine if his Democratic party can hold onto its narrow majorities in the Senate and House of Representatives.

“I have no problem with corporations turning a fair profit or getting the return on their investment and innovation.