White House weighs oil profits tax to fund consumer rebate

[IsailedawayfromFR]

The White House is considering congressional proposals that could tax oil and gas producers' profits in order to provide a benefit to consumers struggling with higher energy prices, a U.S. official said on Thursday.

"There are a variety of interesting proposals and design choices on a windfall profits tax," Bharat Ramamurti, the deputy director of President Joe Biden's National Economic Council, said during a panel discussion sponsored by the Roosevelt Institute think tank.

"We've looked carefully at each of them and are engaging in conversations with Congress about design."

High energy prices have led to record profits for large oil producers this year. Exxon Mobil Corp (XOM.N), the largest U.S. oil producer, doubled its first-quarter profit to $5.48 billion and said it would triple its stock buybacks through 2023 to $30 billion.

The Biden administration has criticized producers for sitting on profits and not investing in further production to lower costs.
https://www.reuters.com/business/energy/white-house-considering-proposal-tax-oil-gas-windfall-profits-official-says-2022-06-02/

Windfall profits taxes never work.  It was proved in the 1970s that they just hurt everybody when deployed.

[Kamaji]

O.M.G.




Are we going to have to redo everything that happened in the late 60s, early 70s, all over again?  What's next?  Disco?  Cheap polyester shirts with prairie-sized collars?  This sort of mens' fashion:

[IsailedawayfromFR]

Another confiscation that does nothing but take away money from one group (oil company shareholders) and give to another group (those who the Dems politically want to benefit).

And it does ZERO to increase oil production but actually stifles it by taking cash from oil companies who could use to increase production.

[Hoodat]

Speaking of windfall profits, why is it that the government collects more money in oil profits than do the oil companies?

[catfish1957]

I might celebrate when Biden expires.

I don't care how bad that sounds.

[IsailedawayfromFR]

I might celebrate when Biden expires.

I don't care how bad that sounds.

There are two expiration dates on him, one January 2025 and one by the Almighty, whichever comes first.
Countdown Until Joe Biden Is Out of Office
https://countdownuntiljoebidenisoutofoffice.weebly.com/

[Smokin Joe]

Another confiscation that does nothing but take away money from one group (oil company shareholders) and give to another group (those who the Dems politically want to benefit).

And it does ZERO to increase oil production but actually stifles it by taking cash from oil companies who could use to increase production.

Exactly.

THey just found one more way to f*** everyone, because nothing is going to get cheaper.

[GtHawk]

I might celebrate when Biden expires.

I don't care how bad that sounds.

I'll one up you, I'm ready to start celebrating as soon as tomorrow. Let's just face facts, I don't believe there is any way that The Cackler could be any worse than Captain Dementia or that her assuming POTUS, despite being the first woman ovarian of some sort of kind of color, would in any way stop the loss of the democrats in 2024. There would be one plus and that would be Hitlary having to choke on not being the first female ovarian to be POTUS.

[Smokin Joe]

I'll one up you, I'm ready to start celebrating as soon as tomorrow. Let's just face facts, I don't believe there is any way that The Cackler could be any worse than Captain Dementia or that her assuming POTUS, despite being the first woman ovarian of some sort of kind of color, would in any way stop the loss of the democrats in 2024. There would be one plus and that would be Hitlary having to choke on not being the first female ovarian to be POTUS.

I don't think it would make any difference in the policies being excreted by the administration which one of the dummies the invisible hand was stuck into. Neither of them are presidential caliber, and someone else is calling the shots (if not a group of someones).