President Joe Biden threatened oil companies Monday with a higher tax on “windfall” profits, if they do not start increasing production to bring down gas prices.
“Record profits today are not because they’re doing something new or innovative. The profits are a windfall of war,” Biden said in brief remarks at the White House, with just over a week before midterm elections.
“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. “If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions,” he warned alongside Treasury Secretary Janet Yellen and Energy Secretary Jennifer Granholm.
“It’s time for these companies to stop war profiteering, meet their responsibilities to this country, give the American people a break and still do very well,” Biden said.
Oct. 2020 – Joe Biden promises to crush the oil industry if elected president
Biden’s speech threatening action against oil companies earning record profits comes as Republicans point to high energy prices and soaring inflation heading into next week’s midterm elections.
While Biden can not legally impose a tax on companies without a new law from Congress, he vowed to work with lawmakers to make changes.
“My team will work with Congress to look at these options that are available to us and others,” he said.
The national average for a gallon of gas was $3.76 on Monday, according to the American Automobile Association. That is 36 cents higher than a year ago, but lower than June when a gallon of regular topped $5.02.
Biden has blamed Russia’s war in Ukraine and oil companies for soaring energy prices, but analysts also blame refinery closures and an increase in demand for gas after the pandemic.
The oil industry, which has sought to return profits to their shareholders by buying back their own stocks, blasted Biden’s remarks saying more taxes would actually cut production.
“Increasing taxes on American energy discourages investment in new production, which is the exact opposite of what is needed,” Mike Sommers, president of American Petroleum Institute, said in a statement.
“Rather than taking credit for price declines and shifting blame for price increases, the Biden administration should get serious about supply and demand imbalance that has caused higher gas prices and created long-term energy challenges,” Sommers said. “American families and businesses are looking to lawmakers for solutions, not campaign rhetoric.”
Last week, U.S. oil firms Chevron and Exxon Mobil joined a crowded field of energy companies announcing hefty quarterly profits. Chevron turned in $11.2 billion in net profits during the third quarter, nearly double the returns from the same time last year. Exxon Mobile reported its fourth straight quarter of strong returns with $19.7 billion in profits.
“What I mean is profits so high it’s hard to believe,” Biden said. “Give me a break. Enough is enough.”
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I would say “make up your mind, Joe”—but you don’t have one to make up.
When it comes to American energy importance Joe should be talking to experience oilmen of the J.Paul Getty persuasion;
“Formula for success: rise early, work hard, strike oil.”
“The meek shall inherit the earth but not it’s mineral rights.”
“My father said, ‘You must never try to make all the money that’s in a deal. Let the other fellow make some money too, because if you have a reputation for always making all the money, you won’t have many deals’.” – Why Trump economically succeeds and Joe Fails.
“There are no safeguards that can protect the emotional investor from himself.”,,,nor the emotionally driven Democrat voter.
“Money isn’t everything but it sure keeps you in touch with your children.” – Hunter
“A man can fail, but he isn’t a failure until he blames someone else.”
“Build wealth as a by-product of your business success. If wealth is your only objective in business (or Politics), you will probably fail.” Which defines Joe’s policies today.
“The conformist is not born. He is made. I believe the brainwashing process begins in the schools and colleges.” – “No one can possibly achieve any real and lasting success or “get rich” in business (or politics) by being a conformist.”
“Age doesn’t matter unless you’re cheese.” ,,,or your brain has become cheese.
ITS his handlers, that are the ones flip flopping.. NOT joe.
Yes, Joe is pretty consistant when it comes to being wrong.
“Oct. 2020 – Joe Biden promises to crush the oil industry if elected president”
Now that he has done it, and it started on Biden’s first day in office.
This corrupt, demented, obedient sock-pupped president wants to blame the oil industry for his own executive actions and policies.
The corrupt, treasonous Democrat elite and the Democrat Party never take responsibility or are held accountable for their own treasonous, unlawful, destructive, dishonorable, immoral actions and agendas. Democrats always Lie and blame someone or something else for their own actions and policies. Even if the Democrats are caught “red handed”.
Exactly. HE IS KEEPING HIS promise..
you have to open up closed refineries first all the crude oil in the world is nothing without refineries.
AND what we DO refine, USE HEAR. DON’T sell overseas.
I think I have the solution to lowering gas prices! Considering that oil production in the US is at full capacity, the government needs to start issuing permits to drill on Federally owned lands again, stop the EPA from tying up the oil companies in litigation when they want to use existing permits and finish the work on the Keystone Pipeline. Possibly letting oil companies build new refineries may help too! And by some miracle the US won’t have to buy as much oil from South America & OPEC, or beg OPEC to ramp up production.
There are plenty of leases out there to be used. Just listen to the ditz of a White House press secretary. However, the oil companies have to get separate permits for each step of the process, such as permits to build roads to the drilling sites. Those are the permits that the government is not issuing.