President Joe Biden threatened oil and gas companies with a “windfall tax” on Monday, accusing them of “war profiteering.”

Speaking at the White House, Biden accused oil companies of netting “outrageous” profits, which he attributed to the exploitation of the war in Ukraine.

Biden said oil companies need to reinvest their profits and reduce the cost of oil — or else.

“If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions,” Biden said. “It’s time for these companies to stop war profiteering, meet their responsibilities to this country, and give the American people a break and still do very well.”

The U.S. is not, in fact, at war.