Biden floats tax on oil companies that don’t lower pump prices, increase production
As global oil production is reduced, will gas prices increase or decrease?
No inflation relief:Winter utility bills to cancel gas savings.
Getting a new tax through the current Congress would be difficult and would likely become impossible if Republicans take control of the House in next week’s elections. Republicans say the administration should lower regulatory barriers if it wants to increase energy production.
Still, the White House has been hammering away on the issue to show Biden is trying to ease the high gas prices he says are the fault of oil producers and Russia’s invasion of Ukraine.
Biden announced the tail end of an historic release of 180 million barrels of oil from the Strategic Petroleum Reserve that he’d ordered in March to lower pump prices.
He complained that “outsized industry profit margins” were adding more than 60 cents to the average price of a gallon of gas.
“Rather than increasing their investments in America, or giving American consumers a break, their excess profits are going back to their shareholders and to buying back their stock, so the executive pay is going to skyrocket,” Biden said Monday. “Give me a break.”
What will matter more to women voters in midterms.