Exxon Mobil broke records with its $19.66 billion in profits for the quarter while people paid higher prices at the pump.
WASHINGTON — President Joe Biden on Monday will raise the possibility of imposing a ‘windfall tax’ on energy companies if they don’t boost domestic production, as his administration aims to combat high gas prices just days before the The White House said Biden will deliver remarks to respond “to reports over recent days of major oil companies making record-setting profits even as they refuse to help lower prices at the pump for the American people.
Congress would have to approve any additional taxes on the energy producers — which would be a tall order in the current Congress where Democrats have narrow control of the House and Senate, and even less likely should Republicans retake one or both chambers on Nov. 8. “Can’t believe I have to say this but giving profits to shareholders is not the same as bringing prices down for American families,” Biden tweeted on Friday.
And last week, California Gov. Gavin Newsom called on Congress to tax the profits of oil companies. “Crude oil prices are down but oil and gas companies have jacked up prices at the pump in California. This doesn’t add up,” Newsom said on Friday. “We’re not going to stand by while greedy oil companies fleece Californians. Instead, I’m calling for a windfall tax to ensure excess oil profits go back to help millions of Californians who are getting ripped off.
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