Biden suggests extra tax on energy giants if they don’t reduce gas prices

The White House plans to float a populist policy after months of internal debate on the matter The Washington Post By Jeff Stein, Evan Halper and Yasmeen Abutaleb October 31, 2022 President Biden lambasted oil companies for raking in record profits on Monday, saying they could face higher taxes on excess profits if they don’t pass on profits to consumers by lowering gas prices. The remarks come days after the world’s largest oil companies reported another quarter of blockbuster earnings, with ExxonMobil posting a record profit of $19.7 billion. Chevron posted an $11.2 billion profit, its second highest on record. The earnings have drawn the ire of Biden and other Democrats, who charge they are coming at the expense of consumers struggling to afford high prices at the pump. But Biden stopped short of explicitly calling for a “windfall tax” on excess oil company profits as other countries have implemented as Russia’s invasion of Ukraine has driven up energy prices.

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