Washington (AFP) – US President Joe Biden plans to seek tax penalties for oil companies unless they invest their record profits in lowering household costs and ramping up production, a White House official said Monday. The comments come days after US oil giants ExxonMobil and Chevron reported bumper earnings, reflecting how a surge in crude prices after Russia’s invasion of Ukraine has boosted the industry. Natural gas costs have also risen, due to Europe’s mobilization to offset lost imports from Russia. On Monday, an official said Biden would renew his appeal to both oil and gas firms, and t…