Biden threatens higher taxes on oil companies if they do not work to lower gas prices – By Emma Kinery (CNBC) / Oct 31, 2022
- President Joe Biden threatened to pursue higher taxes on oil companies if they do not try to lower gas prices.
- Any new proposed taxes on the businesses could run into opposition in Congress.
- Biden has highlighted efforts to reduce costs for consumers as voters worry about inflation ahead of the Nov. 8 midterm elections.
President Joe Biden threatened Monday to pursue higher taxes on oil company profits if industry giants do not work to cut gas prices.
Biden has criticized oil companies that have made record-high profits as consumers struggle to keep up with high gas prices. The price of a gallon of gas was $3.76 on Monday, according to AAA, down from a record of over $5 in June but still higher than a year ago.
“Their profits are a windfall of war,” Biden said, referring to Russia’s war in Ukraine, which prompted Western sanctions that reduced oil supply. “It’s time for these companies to stop their war profiteering.”
“If they don’t they’re going to pay a higher tax on their excess profits,” he said.
