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Biden floats new taxes on oil companies amid record earnings

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Biden will push Congress to impose new taxes on oil companies if the industry doesn't take more action to lower fuel prices and boost domestic output, a White House official said.

US President Joe Biden speaks on manufacturing at the SRC Arena and Events Center of Onondaga Community College in Syracuse, New York on October 27, 2022.

President Biden will push Congress to impose new taxes on oil companies if the industry doesn't take more action to lower fuel prices and boost domestic output, a White House official said.The preview of Biden's remarks at the White House later this afternoon arrive a week before midterm elections in which elevated gasoline prices jeopardize Democrats' performance at the ballot box.

"And if they don’t, he will call on Congress to consider requiring oil companies to pay tax penalties and face other restrictions," the official added.

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Should have had national ads stating this 6 weeks ago.

My gas prices in California went down like a dollar and the $4 range

Ummm....

He lies. Or is it dementia?

JacquiHeinrich

This is a good idea. The greedy oil companies are taking in record profits while consumers pay record high prices. It’s pure corporate greed, enabled by the oil oligopoly, and this is a smart way to combat it.

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