Biden Proposes Tax Increase On Oil Companies Amid Rising Energy Prices

Joe Biden

During a speech on Monday, Democrat President Joe Biden proposed raising taxes on oil companies amid rising energy prices.

“I think [oil companies] 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,” Biden said. “Because they — they don’t want to do that. They — they have the opportunity to do that — lowering prices for consumers at the pump.”

“You know, if they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions,” he added. “My team will work with Congress to look at these op- — these options that are available to us and others. It’s time for these companies to stop war profiteering, meet their responsibilities to this country, and give the American people a break and still do very well.”

Biden’s proposal directly contradicts the advice he was given by American Petroleum Institute (API) CEO Mike Sommers on how to reduce energy prices. In June, Sommers sent a letter to Biden with a 10-point plan for Biden to follow to reduce the record high gas prices that began rising after he took office.

“While members of your administration have recently discussed the need for additional supplies to solve the energy crisis, your administration has restricted oil and natural gas development, canceled energy infrastructure projects, imposed regulatory uncertainty and proposed new tax increases on American oil and gas producers competing globally,” Sommers wrote. “Respectfully, the American people need a different direction to solve this crisis.”

“API’s ‘10 in 2022 Plan’ outlined above offers this new direction,” Sommers added. “The plan has the potential to lead to an era of collaboration between the government and the private sector to meet our growing energy needs and to provide a measure of relief for the American people. We request the opportunity to work with your administration to help maintain the United States’ essential leadership position in the world.”

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