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Biden to Urge Congress to Consider Tax Penalties on Big Oil

  • Shares of refiners, oil producers drop after news report
  • AP reported windfall tax is being considered by White House
Bloomberg business news
Biden Warns Oil Firms He’ll Seek to Tax ‘Windfall’ Profits
Updated on

President Joe Biden will call on Congress to consider tax penalties for oil and gas companies accruing record profits, according to a White House official, amid stubbornly high gasoline prices that are dragging on Democrats’ midterm prospects.  

This could include a so-called windfall profit tax -- which Democrats have been proposing for more than a decade without success. The idea has renewed attention among progressives in Congress after gasoline prices spiked to more than $5 a gallon this summer.