Climate Action News: Biden is Beefing with Oil Executives
,https://www.cnbc.com/2022/10/31/joe-biden-threatens-higher-taxes-on-oil-companies-amid-high-gas-prices.html
On Monday, President Biden announced he will pursue a windfall tax on oil companies if they refuse to lower gas prices.
“Their profits are a windfall of war,” Biden said, referring to Russia’s war in Ukraine, which prompted Western sanctions that reduced oil supply. “It’s time for these companies to stop their war profiteering.”
“If they don’t they’re going to pay a higher tax on their excess profits,” he said.
White House messaging has focused on how Democrats are working to improve the economy and how Republicans would make it worse. Inflation and the economy consistently rank as the top issue for voters — and higher gas prices stretched consumer budgets for much of this year.
Biden stressed that he is “a capitalist” but added that companies are making “profits so high it’s hard to believe.”
Shell made $9.5 billion in profits in the third quarter, almost double what it made in the same period last year, Biden said. Exxon’s profits in the third quarter were $18.7 billion, nearly triple what Exxon made last year and the most in its 152-year history.
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