President Joe Biden is raising the possibility of imposing a windfall tax on oil companies if they don’t boost domestic production
President Joe Biden speaks about gas prices and oil companies profits, in the Roosevelt Room of the White House, Monday, Oct. 31, 2022, in Washington, as Treasury Secretary Janet Yellen, left, and Energy Secretary Jennifer Granholm listen. WASHINGTON — — President Joe Biden on Monday accused oil companies of “war profiteering” as he raised the possibility of imposing a windfall tax on energy companies if they don't boost domestic production.
Biden took aim at one company, ExxonMobil, that reported $19.7 billion earnings in the third quarter alone. He lashed at the Irving, Texas-headquarter company for using record profits to provide shareholders with hefty dividends and stock buybacks but failing to invest in production improvements that would benefit consumers at the pump. Another oil company, Chevron, had $11.23 billion in profits in the third quarter, almost reaching the record profits it attained in the prior quarter.
High prices at the pump have exacerbated inflation and have taken a toll on Biden and Democrats' standing among voters. “Can’t believe I have to say this but giving profits to shareholders is not the same as bringing prices down for American families,” Biden tweeted on Friday. And last week, California Gov. Gavin Newsom called on Congress to tax the profits of oil companies. “Crude oil prices are down but oil and gas companies have jacked up prices at the pump in California. This doesn’t add up,” Newsom said on Friday. “We’re not going to stand by while greedy oil companies fleece Californians. Instead, I’m calling for a windfall tax to ensure excess oil profits go back to help millions of Californians who are getting ripped off.
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