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 midterm elections.
By ZEKE MILLER and SEUNG MIN KIM
“My team will work with Congress to look at these these options that are available to us and others,” Biden said. “It’s time for these companies to stop war profiteering, meet their responsibilities in this country and give the American people a break and still do very well.” “Oil companies. record profits today are not because of doing something new or innovative,” Biden said. “Their profits are a windfall of war, a windfall for the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe.”
Americans have struggled with painfully high gasoline prices in recent months, paying more than $4.80 on average for a gallon of regular at the beginning of July, according to AAA. They’ve since fallen to $3.76 on average nationally, but the White House says they should be lower, given declines in global oil prices over the same period.
Biden’s threat of windfall taxes on energy companies follows calls by progressive Democrats, including Bernie Sanders and Elizabeth Warren, for such a proposal.
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