Biden floats tax on oil companies that don't lower pump prices, increase production

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'If they don't, they're going to pay a higher tax on their excess profits.' President Joe Biden sent a stern message to big oil companies whose record earnings have done little for consumers who are still battling high gas prices.

President Joe Biden warned big oil companies who have failed to pass savings to consumers, saying he wants an extra tax on their excess profits.WASHINGTON – President Joe Biden on Monday accused oil companies of"war profiteering," threatening to go after their"outrageous" profits if pump prices don't fall.

"It’s time for these companies to stop war profiteering," Biden said in brief remarks at the White House."The American people will judge who is standing with them and who is only looking out for their own bottom line." "Increasing taxes on American energy discourages investment in new production, which is the exact opposite of what is needed," Mike Sommers, API's president and CEO, said in a statement.

 

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And he knows his SPR stunt is coming to am end and then it's back to $4+ a gallon

Here’s an idea Joe: stop using our strategic oil reserves and stop begging the Saudis and open up American energy production!!

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things are never done evenly under Biden

Excess profits? You do t get to determine that.

Hey Albo and Jim, take a look at what Joe Biden is saying to the oil company’s in the U S.

Almost like there's an election next week or something

If Biden were honest , or smart he would know oil prices are set in a global market. Why doesn't he ask British Petroleum, Shell oil or Russian Luke oil to reduce prices? He apparently only wants to screw American firms.

And they counter with, “ if you want to stay alive politically, back off!! “

He taxes them, it trickles down to the people. Biden has done nothing to give 'Big Oil' reason to work with him. In fact, his policies towards the energy companies have been nothing but negative.

How the media manipulates you feat. . You guys are sheful and dishonest. 🗑️📰🚮

Joe you don’t even know how many states we have btw are the other 4 states where you got all those votes ! Joe open up our pipelines you shut down that’ll drop the price of fuel !!

What has Congress done for Americans? They want oil companies to foot the bill for they're failed policies? It's not going in their favor.

Maybe biden should take back the guarantee he made on ending their industry, restart pipeline construction and reapprove drilling permits that he canceled

Someone is desperate to look in control. He has zero leverage over oil firms and will lose the house/senate handily.

Wow he can barely talk. He needs to resign. “Gimme me a break, enough is enough” - Joe Biden

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