WATCH: Billionaire Cries About Biden’s Plan to Tax Big Oil

By | November 3, 2022

Billionaire Leon Cooperman is upset at the Biden administration for talking about enacting a windfall tax to help ease gas prices. Ana Kasparian discusses on The Young Turks. Watch LIVE weekdays 6-8 pm ET.

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We have terrible leadership out of Washington terrible leadership I mean This idea of a windfall profits tax how Do you get increased production they Want to send the the President Biden to School to learn a little bit about Economics That's our old billionaire friend Leon Cooperman who I'm sure is very salty Over the fact that his precious stock Portfolio is experiencing the same Decline anyone else invested in the Stock market is he's upset though at the Biden Administration for wanting to hold Greedy oil companies accountable for Price gouging fellow Americans and for Some reason cooperman doesn't think that Biden should hold them accountable For some reason cooperman doesn't think That Biden should do a damn thing to get Prices a little lower at the pump So before we get to the rest of his rant Let's give you some more context about Why he's upset with Biden and what Biden Is proposing Now as we've talked about before the way Gas prices at the pump are really Calculated has to do with oil production Oil production relies on oil producing Countries which make up the so-called OPEC plus cartel producing enough oil to Ensure there's enough Supply to meet Demand but they have intentionally in Some cases withheld production of oil in

Order to manipulate the price of oil to Artificially inflate the price of oil Which translates to higher prices at the Gas pump now why would they want to do That let me give you the Deets let me Give you the details and you'll know Saudi Arabia is a huge player here Saudi aramco that's the name of their Major Oil Company it's also the world's Largest oil company said on Tuesday that It had earned 42.4 billion dollars in net income in The third quarter in one quarter guys in One corner The figure was more than double the Nearly 20 billion that Exxon Mobil Earned for the same period It also enabled Saudi aramco which is State controlled and has a near Monopoly On Saudi Arabia's oil output to pay a Large dividend 18.75 billion dollars mostly to the Country's government So this is how it works this is how the Sausage is made Saudi Arabia's government financially Benefits From its Major Oil Company essentially Manipulating the price of oil by Lowering output lowering production So less Supply That can't keep up with demand means That the price is going to be higher So uh would you consider these profits

And how it helps Saudi Arabia's Government you can understand why a Country like Saudi Arabia would want to Manipulate these prices right now in an Effort to bolster prices Saudi Arabia and Russia as leaders of The OPEC plus cartel recently announced A cut in oil production amounting to About two percent of global output the Move angered the bind Administration Which is pushing oil producers including Those operating in the United States to Ramp up output to lower gas prices for Consumers And you also have to keep in mind Everyone I mean the midterm elections Are coming up poll after poll indicates That there are two major issues that Americans are most concerned about two Major issues that they're going to base Their votes on and those two issues Happen to be inflation gas prices fall Under that category and crime And so Biden is panicking about that Democrats are panicking about that and They want to lower gas prices one of the Things that Biden has done is he has Released more and more Um oil or gas I should say from the Petroleum reserves which are now like Running very low uh but the U.S midterm Elections with the U.S midterm elections Nearing President Biden threatened on Monday to seek a new windfall tax on

Major oil and gas companies unless they Increase production in fact why don't we Take a quick look at some video from That speech he gave earlier this week America or giving American consumers a Break their excess profits are going Back to their shareholders and they're Buying back their stocks so the Executive pays are going to Skyrocket Give me a break enough is enough Look I'm a capitalist you've heard me Say this before I have no problem with Corporations turning to Fair profit or Getting to return on their investment And innovation But this is remotely what's happening Oil companies record profits today are Not because they're doing something new Or innovative 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-profits like this Has a responsibility to act beyond their Narrow self-interest of its executive Shareholders Why is Biden pretending like he doesn't Know how capitalism works You know me I'm a capitalist I love Capitalism which is why I believe that These companies have a what a Responsibility to Ordinary People really

No no no no They have by law their responsibility is To their shareholders he knows that Biden's not stupid he knows that he's From freaking Delaware he knows it Better than anyone else in the world Okay so the idea that these oil Companies will do the right thing out of The goodness of their hearts are we Talking about the same oil companies That you know knew about the impact they Were having on climate change decades And decades before the rest of the world Did and intentionally hid that Information those oil companies is that Who you're talking about Biden okay so I Guess I'm the one who's actually more Livid with Biden right now because the Last part of the video that we just Showed you is infuriating But the thing with Leon cooperman the Crybaby billionaire is he's going after Biden for another reason it's not Because he's concerned about uh price Gouging by oil companies it's not Because he's he really wants to ensure That we lower the prices at the gas pump No he has he has a different thing to Cry about which means it's definitely Time to watch a billionaire cry let's go To our bumper I care That's it [Music]

So what does quivering lipped Leon Cooperman have to say about Biden well Let's watch his comments in context and Then we'll break it down I don't like a lot of things uh you know I think we're heading towards a Recession I think that labor seems to Have the upper hand we have terrible Leadership out of Washington terrible Leadership I mean this idea of a Windfall profits tax how do you get Increased production they want to send The the President Biden to the school to Learn a little bit about economics you Know and I voted for him you know it was More a vote against Donald Trump than a Than a strong endorsement to the President but you know he's doing so Many things that are just partly obvious That it's all done to try and improve The election outcome in November you Know the marijuana relaxation the Student loan forgiveness he's not going To get a win for a profits taxi and There's no ways to pass Congress so he's Making proposals to design to get votes That make no economic sense There was one kernel of Truth in what he Said there which is he's not going to Get a windfall profits tax it's a One-time tax toward these oil companies Uh if if there was a caveat to what Biden had proposed if they refuse to Increase production of oil he threatened

Them with a one-time uh windfall profits Tax uh cooperman's correct that's not Going to happen no one in Congress well Some politicians in Congress would Support it but it wouldn't get the Majority necessary in the Senate to to Pass that tax on oil companies And Biden is putting that statement out There as we approach the midterms to Kind of give this illusion that he's Doing something but look if Biden was Serious about holding let's say Saudi Arabia a company uh Saudi Arabia Accountable for refusing to increase Output and the fact that they're Manipulating the price of oil by Intentionally withholding production He could cancel weapons shipments to Saudi Arabia You know we have some leverage too Like actual Leverage Is Biden willing to flex that muscle Probably not He could declare a crisis a real Emergency in the United States Considering the fact that so many Americans are already struggling Financially and we're About to enter the winter with insanely Expensive Energy prices people are going To need energy to heat their homes They're going to need energy to go to And from work obviously gas in that case So um I don't know maybe you reign in

This Private Industry By declaring a crisis and preventing Them from exporting our our resources to The highest bidder internationally he Wouldn't do that either So yeah what Biden's up to what Biden is Saying the empty threats super Frustrating so Leon cooperman's right About that but when you look at his Statement as a whole and what he's Complaining about as a whole Cooperman's not frustrated because Biden Is saying something that he knows he Can't accomplish cooperman's frustrated That Biden would dare threaten increased Taxes on his wealthy Buddies Anytime you hear about taxing the Wealthy Leon cooperman will be on CNBC to cry About it And by the way like dude Like your weird Reefer Madness nonsense Like get over it move it along move it Along cooperman okay Crying and whining about marijuana Legalization and then also adding in That little rant about student loan debt I uh excuse canceling student loan debt What is he up to I've I mean I voted for Biden but it was mostly a vote against Trump shut up You're not impacted by inflation the way Ordinary People are you don't have to Worry about drowning in student loan

Debt for the rest of your life Leon Cooperman multi-billionaire homeboy is Good he's good Yet it's still not enough for him he Still has to show his mug on CNBC to Whine about increased taxes on his Millionaire billionaire buddies that he Knows won't even come to fruition Because when you're that wealthy and That comfortable in the United States I Mean you got to find something to kill Your time with so why not cry about Something that you know isn't even going To happen That's Leon cooperman for you Wimpy cry little crying little baby Just loves going on cable news to Embarrass himself

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