USA Today Episodes Around October 31, 2022
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1:22Now PlayingBiden proposes tax on oil companies' profits amid record earnings | USA TODAY
Oct 31, 2022·1.3K views
October 31, 2022
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1:22Now PlayingPresident Joe Biden warned big oil companies who have failed to pass savings to consumers, saying he wants an extra tax on their excess profits.
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President Joe Biden on Monday accused oil companies of "war profiteering," threatening to go after their "outrageous" profits if pump prices don't fall. Unless the industry passes some of those profits onto consumers and increases domestic production, Biden said he will work with Congress to impose a tax on "excess profits," along with other restrictions.
"It’s time for these companies to stop war profiteering," Biden said in brief remarks at the White House. "The American people will judge who is standing with them and who is only looking out for their own bottom line."
The head of the American Petroleum Institute, the top lobbying group for the oil and gas industry, said Biden's proposal would backfire. "Increasing taxes on American energy discourages investment in new production, which is the exact opposite of what is needed," Mike Sommers, API's president and CEO, said in a statement.
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