In an effort to lower gas prices, Joe Biden cautioned oil corporations on Monday that failing to reinvest their extra earnings in raising production will result in a "Higher tax" on those profits.
In a speech on Monday afternoon, Biden said of the businesses, "They have a responsibility to act in the interest of their consumers, their communities, and their country, to invest in America by boosting production and refining capacity."
Just over a week before the midterm elections, he said in remarks from the White House, "If they don't, they're going to pay a higher tax on their excess earnings and face additional restrictions." Biden cannot levy a tax on businesses by himself; a new law must be approved by Congress.
After Russia's invasion of Ukraine and Western and American sanctions against Moscow, a major oil producer, gas prices skyrocketed earlier this year.
An independent government statistics organization, the Energy Information Administration, predicts that in 2023, the nation will produce an average of 12.4 million barrels per day, breaking the previous high production mark set in 2019.
On Monday, the oil industry slammed Biden's remarks, arguing that higher taxes would actually reduce production.
According to a statement from Lauren Maunus, advocacy director for Sunrise Movement, "We're happy to hear President Biden's support for a Windfall Profits Tax to hold oil and gas firms accountable." This is the cause the Democrats ought to have supported all year.
https://thelibertyloft.com/2022/10/31/once-again-biden-threatens-oil-corporations-over-production/
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