Biden floats taxing oil companies amid rising energy prices

Monday, October 31, 2022 | Tag Cloud Tags: ,

(Worthy News) – In a Monday speech, President Joe Biden proposed taxing oil companies currently raking in high profits amid rising energy prices.

While floating the tax, he said 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,” per The Hill. “If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions.”

Oil companies have brought in considerable profits as Americans battle with the rising cost of gas. Though prices hit their peak in June after clearing $5 per gallon for the first time in U.S. history, the average price has remained high with a gallon currently costing $3.76, according to AAA. [ Source: Just the News (Read More…) ]

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