renewed his calls to slash energy subsidies for "Big Oil" companies in his budget proposal for fiscal year 2024 that was released on Thursday.
Some of the more significant proposed changes include ending the use of percentage depletion related to oil and gas wells, which would reduce the deficit by more than $13.8 billion over the decade, and repealing the expensing of intangible drilling costs, which would reduce the deficit by nearly $8.5 billion over the same time frame.
"The president’s budget represents yet another example of contradictions in the administration’s energy policymaking," said Lance West, API’s vice president of federal government relations. "The White House calls for increasing American oil and natural gas to meet consumer demands and then fails to issue leases and discourages future investment by proposing new discriminatory taxes.
"You may have noticed that Big Oil just reported record profits," Biden said. "Last year, they made $200 billion in the midst of a global energy crisis. It’s outrageous. They invested too little of that profit to increase domestic production and keep gas prices down. Instead, they used those record profits to buy back their own stock, rewarding their CEOs and shareholders."
80% of the world runs on fossil fuels. There are no energy alternatives developed to replace them. All business , homes , Hospitals, schools & the military are dependent on fossil fuel. Biden & Democrats have got to go before they totally ruin America.
Why don't people understand taxes on US? Businesses are taxes on US consumers. There is no money tree that these taxes come from that doesn't harm the consumer.
So we can pay even more genius this guy is!!
Hmmm, it would also mean less companies drill, less workers work and higher gas prices. Why not faze out over time since our grid is not ready for this! National security threatened here!
He doesn’t heave the votes luckily for that he is a walking doomsday machine programmed to destroy the America.
POTUS wants to punish the poor.
He's deplorable
Less energy independence. Higher gas prices. More government control. That’s the Biden way.
Can POTUS CONSULT WITH Varneyco before making all these ridiculous policies
Under the guise of stimulating the economy?-
He wants $5 a gallon gas
As per Blackrocks instructions
That should do wonders for gas prices! Summer driving is going to be expensive!
Higher oil & gas prices effects EVERYTHING it hikes inflation and costs on EVERYTHING! hasn’t anyone in this brain dead admin figured that out yet? They don’t care bc this man has NEVER held a legitimate job & paid his own way, in his life destroyer
WHY try to harm wealthy because it gives NO ONE incentives to work towards more $ to have fed government take it away. Actually not a smart move for O’Biden tax supporters if they want us to be motivated out of small businesses into making them larger 2b ONLY tax punished. Y/N?
Oh-Our-God: Hence, '🇺🇸President Biden' should know his way through POLITICS. Albeit, he has been a Congresspersons, Senator, Vice-President & now 🇺🇸USA'S PRESIDENT. (I'm just saying and curious about his insight & knowledge in POLITICS).
Federal Reserve :what the heck, we are trying to lower inflation and he is fighting us on it' Biden 'I love inflation'
Biden’s latest budget of runaway spending and taxes makes clear that we need new leadership in Washington.
At one time, oil & gas were considered Republican special interests 🤔
Guess who will pay for this? YOU!
These firms deliver fuel so we can go to work and produce. So we tax them during: extraction, refining, distribution, and sales. Then we tax ourselves for purchasing it. Self-destructive policies if we want our nation to grow.
Good thing his budget will never pass
Obama was right. Joe f's up everything he touches.
Mandi_17_ Im here to help the working folks. Lying sack !!
Love and 100% support the capital gain tax. 40% capital gains plus realtors fees will keep blue state dummies locked in place. Lol. Blue states deserve Democrats.
I think the people in the shadows running Biden are pretty dangerous idealists.
.BretBaier flat out lied to his FoxNews audience while interviewing ChrisVanHollen. He said Biden’s proposed tax on unrealized gains would impact regular folks. NO. It would apply ONLY to those with income and assets that exceed $100 million! FOX IS NOT NEWS. It’s propaganda!
This country is stuck with this biden dude for two more long years.
I have a feeling corporations are going to be real sorry they supported the Democrats in 2020.
Oil prices aren’t high enough. Biden: Hold my beer.