In a brief speech Monday, he says he’ll seek higher taxes on oil companies that record “windfall” profits without reinvesting in production, with US gasoline prices still high a week ahead of…
By Akayla Gardner, Jennifer A. Dlouhy and Kevin CrowleyPresident Joe Biden said he’d seek to impose higher taxes on oil companies that record “windfall” profits without reinvesting in production, with US gasoline prices still high a week ahead of midterm elections.
Companies that don’t show they’re reinvesting in production, he said, are “going to pay a higher tax on their excess profits and face other restrictions.” He added that he would “work with Congress to look at these options that are available to us.”Many Democrats have unsuccessfully sought a so-called windfall profit tax for more than a decade.
Sen. Ron Wyden, an Oregon Democrat and Biden ally who chairs the tax-writing Finance Committee, has floated a proposal that would establish a new federal surtax on oil companies that record a profit margin better than 10%. The S&P 500 Energy Index dropped after news of Biden’s planned windfall tax before regaining to close up 0.6%. The index had traded up 2.1% earlier in the day. ConocoPhillips, Pioneer Natural Resources Co., both domestically-focused oil producers, and Valero Energy Corp., a refiner, were the worst performers.
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