November 29, 2022

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Biden to raise the possibility of a windfall tax for energy companies

1 min read

©Health & Fitness Journal. Biden raises the possibility of a ‘windfall tax’ for energy companies – AP News

By Sam Boughedda

According to an AP News report Monday, US President Joe Biden will discuss the possibility of imposing a windfall tax on energy companies.

The AP quoted the White House as saying the president would make the comments after “reports of major oil companies posting record-breaking profits in recent days despite refusing to contribute to lower prices at the pump for the American people.”

It comes as the Biden administration, days before the midterm elections, aims to fight high and gasoline prices.

The report, which cites sources familiar with the matter, reveals that Biden will consider the possibility of levying a tax on energy company profits to push them towards lower prices for consumers.

Over the weekend, Biden tweeted that “oil companies made billions in profits this quarter” and “they are using those record profits to pay off their wealthy shareholders instead of investing in production and cutting costs for Americans.” This is unacceptable. It’s time for companies to lower prices at the pump.”

High energy prices have fueled the surge in inflation this year.

Last week, Exxon Mobil (NYSE:) posted record earnings, while Chevron (NYSE:) nearly matched the previous quarter’s record with $11.23 billion in earnings.

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