Biden Says Oil Companies , Will Face a ‘Higher Tax’ , if They Don’t Ramp Up Production.
'The Hill' reports that Biden addressed oil companies and high gas prices in a speech on Oct.
31.
They have a responsibility to act in the interest of their consumers, their community and their country, to invest in America by increasing production and refining capacity, President Joe Biden, via statement.
If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions, President Joe Biden, via statement.
While Biden himself can't impose a higher tax, he promised to work with lawmakers to see what could be done.
'The Hill' reports that progressives praised Biden's comments.
We’re thrilled to hear President Biden’s support for a Windfall Profits Tax to hold oil and gas companies accountable.
This is what Democrats should have been championing all year, Lauren Maunus, advocacy director for Sunrise Movement, via statement.
But the oil industry says such a tax would have the opposite effect.
Increasing taxes on American energy discourages investment in new production, which is the exact opposite of what is needed.
American families and businesses are looking to lawmakers for solutions, not campaign rhetoric, Mike Sommers, President of the American Petroleum Institute, via statement.
'The Hill' reports that as of Oct.
31, the average cost of a gallon of gas in the U.S. was $3.76
