President Joe Biden waves before boarding Air Force One at Delaware Air National Guard Base in New Castle, Del., Monday morning, Oct. 31, 2022. The President is flying to New York to attend a private memorial service. President Joe Biden said he’d seek to impose higher taxes on oil companies that record “windfall” profits without reinvesting in production, with U.S. gasoline prices still high a week ahead of midterm elections.
A windfall tax drew an immediate rebuke from the Texas Independent Producers and Royalty Owners Association. California Governor Gavin Newsom also has proposed a tax on oil company profits, with revenue used to provide rebates and offset higher energy costs for consumers. “Once again, the president is more worried about political posturing before the midterms than he is about advancing energy policies that will actually deliver for the American people,” Thompson said by email. “A windfall profit tax might make for good sound bites, but as policy, it’s bad for consumers. It’s likely to disincentivize fuel production and make matters worse for drivers.”
Critics of such plans say they’ll deter companies from making the kind of investments that are crucial for increasing supply, and keeping prices down, in the future — a charge that may have more traction in the US, which unlike most European countries is itself a major oil and gas producer.
'Warns?'
Taxes taxes. Taxes. FJBiden
Does anyone actually think the oil companies will eat the tax and not pass it on to consumers, raising prices even further ?
Inhibits supply, demand stays the same - tax the heck out of producers
And the problem with this statement
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