President Joe Biden is calling on oil companies to lower prices at the pump.

He says oil companies continue to make record profits as drivers are left struggling with higher gas prices.

Exxon's profits for the third quarter reached $18.7 billion - the most in its 152-year history.

The president says if they don't lower prices, he will work with Congress to ensure they pay higher taxes on their excess profits.

"Rather than increasing their investments in America or giving Americans a break - their excess profits are going back to the shareholders and they're buying back their stocks so the executive pays are going to skyrocket," Biden said. "Give me a break, enough is enough."