President Joe Biden has warned oil companies that if they do not invest some of their record profits to help lower fuel costs for Americans, then they should expect increased taxes
While speaking at the White House, President Joe Biden said oil companies’ record profits “were a windfall from the brutal conflict that is ravaging Ukraine and hurting tens of thousands of people around the globe. It’s time for these companies to stop war profiteering, meet their responsibilities in this country and give the American people a break.”
President Biden continued by saying that if oil companies do not work to bring down costs, “they’re going to pay a higher tax on their excess profits and face higher restrictions.” He added that his administration would “work with congress to look at these options that are available to us and others.”
Two different perspectives:
A spokesman for the organization “Stop the oil Profiteering” praised President Biden’s remarks saying, “This is exactly the type of leadership we’ve been waiting for from President Biden. Big oil has made nearly $300 billion in excess profits this year by gouging at the pump. A windfall profits tax can provide immediate relief by redirecting that money into the pockets of hardworking Americans.”
The CEO of the American Exploration & Production Council, Anne Bradbury, warned that increased tax on oil companies “would likely backfire by further driving up energy costs for American families and businesses.” She continued by saying that the taxes could be pushed onto consumers.
This development comes as oil companies have recorded record profits, with companies like ExxonMobil and Chevron reporting profits of over $70 billion this year alone, over double their previous year.