Biden Warns Oil Firms He’ll Seek to Tax ‘Windfall’ Profits

By | October 31, 2022

President Joe Biden says he will pursue imposing a tax on oil companies’ ”windfall’ profits  unless they reinvest in US production. He speaks at the White House on Monday,

Oil companies record profits today are Not because they’re doing something new Or innovative their profits are a Windfall of War The windfall from the brutal conflict That’s ravaging Ukraine and hurting tens Of millions of people around the globe You know at a time of war and he come to Receiving historic one-file profits like This has a responsibility to act beyond Their narrow self-interest of its Executive shareholders I think they have a responsibility to Act in the interest of their consumers Their community and their country To invest in America by increasing Production and refining capacity Because they’ve had they don’t want to Do that they they have the opportunity To do that lowering prices for consumers To the pump You know if they don’t They’re going to pay a higher tax on Their excess profits and face other Restrictions My team will work with Congress to look At these up these options that are Available to us and others 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 The American people are going to judge Who’s standing with them and who is only

Looking out for their own bottom line

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