Biden to Float Windfall Tax on Energy Producers: AP Source
Americans have struggled with painfully high gasoline prices in recent months, paying more than $4.80 on average for a gallon of regular at the beginning of July, according to AAA. They've since fallen to $3.76 on average nationally, but the White House says they should be lower, given declines in global oil prices over the same period.
Biden has been critical of energy companies profits since at least June, when he complained publicly that “Exxon made more money than God this year.” And last week, California Gov. Gavin Newsom called on Congress to tax the profits of oil companies. “Crude oil prices are down but oil and gas companies have jacked up prices at the pump in California. This doesn’t add up,” Newsom said on Friday. “We’re not going to stand by while greedy oil companies fleece Californians. Instead, I’m calling for a windfall tax to ensure excess oil profits go back to help millions of Californians who are getting ripped off.
“This is exactly the type of leadership we’ve been waiting for from President Biden," said Jamie Henn, spokesperson for the group ‘Stop the Oil Profiteering.’ “Big Oil has made nearly $300 billion in excess profits this year by gouging us at the pump. A windfall profits tax can provide immediate relief by redirecting that money into the pockets of hardworking Americans.”
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