AP source: Biden to float windfall tax on energy producers
President Joe Biden plans to raise the possibility of imposing a ‘windfall tax’ on oil companies, as his administration aims to combat high gas prices just days before the midterm elections
By ZEKE MILLER and SEUNG MIN KIM
Published - Oct 31, 2022, 11:58 AM ET
Last Updated - Jun 23, 2023, 11:09 PM EDT
WASHINGTON (AP) — President Joe Biden on Monday will raise the possibility of imposing a ‘windfall tax’ on energy companies, as his administration aims to combat high gas prices just days before the midterm elections.
“Oil companies made billions in profits this quarter,” Biden tweeted on Saturday. “They’re using these record profits to pay out their wealthy shareholders instead of investing in production and lowering costs for Americans. It’s unacceptable. It’s time for these companies to bring down prices at the pump."
High prices at the pump have exacerbated inflation and have taken a toll on Biden and Democrats' standing among voters.
