Oil giants’ massive profits revive calls for windfall taxes
One AmericaNov 26, 2022
Biden Condemns Oil, Gas 'War Profiteering;' Threatens Windfall Tax
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Image copyright: Steve Holland, Andrea Shalal and Katherine Jackson REUTERS
The Facts
On Monday, US Pres. Biden called on oil and gas companies to invest their profits in lowering costs at the pump and increasing production or risk facing a higher tax rate. This comes a week before the US midterm elections, with Republicans reportedly favored to win a House majority, while the Senate is a close race.
In a speech from the White House, Biden took aim at five of the biggest oil companies that have reportedly seen earnings soar as oil and gasoline prices surged this year — an "outrageous" advantage Biden says stems from the war in Ukraine.
The Spin
Republican narrative
This latest move to bully corporations is nothing more than a desperate attempt to salvage the midterm elections. Biden's proposal of yet another dangerous policy will only increase energy prices and energy poverty while making America more reliant on foreign countries for its daily energy needs.
Democratic narrative
Biden is right to threaten energy companies that are driven by unadorned greed. While the average American struggles to make ends meet, oil and gas companies have taken advantage of the oil scarcity and racked up huge profits, and it's time this ends. Windfall taxes would ensure excess oil profits go back to help the Americans who are getting ripped off at the pump.
