President Biden on Monday urged major oil companies to stop "war profiteering" and use record profits to boost domestic production as the White House looks to curb rising fuel prices ahead of the midterm election.

Biden accused oil and gas companies of profiting off "a windfall of war" in Ukraine, and rewarding their shareholders instead of helping millions of Americans who continue to face higher prices at the gas pump. The president called on energy producers to expand output, invest in new refining capacity and lower prices for U.S. consumers.

"If they don't, they're going to pay a higher tax on their excess profits and face other restrictions," he said in remarks from the Roosevelt Room at the White House, flanked by Treasury Secretary Janet L. Yellen and Energy Secretary Jennifer M. Granholm.

"It's time for these companies to stop war profiteering, meet their responsibilities in this country, give the American people a break and still do very well."