Biden threatens oil companies with ‘higher tax’ if they don’t increase production
by Rachel Frazin - 10/31/22 5:04 PM ET
President Biden on Monday warned that oil companies would face a “higher tax” on their excess profits if they don’t reinvest in increasing production to bring down prices at the pump.
“They have a responsibility to act in the interest of their consumers, their community and their country, to invest in America by increasing production and refining capacity,” Biden said of the companies during a speech on Monday afternoon.
“If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions,” he added in the remarks from the White House just more than a week before the midterm elections.
Biden can’t unilaterally impose a tax on companies; he would need a new law to pass Congress. He pledged to work with the legislature to look at his options.
His comments come after ExxonMobil, Chevron and Shell reported high third-quarter earnings. The president name-checked both Exxon and Shell in his speech.
Legislation would face a tough path even in a Congress held by Democrats, since at least 10 GOP votes would now be needed to break a filibuster in the Senate.
Republicans are hoping the midterms will deliver GOP majorities in both chambers.
Gas prices soared earlier this year after Russia’s invasion of Ukraine and Western and U.S. sanctions on Moscow, a major oil producer.
Biden and his allies have blamed Russian President Vladimir Putin for the high prices, and have also tried to pin the blame on the industry.
more
https://thehill.com/policy/energy-environment/3713013-biden-threatens-oil-companies-with-higher-tax-if-they-dont-increase-production/
