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Biden Warns Oil Firms He’ll Seek Tax on ‘Windfall’ Profits

  • President’s promise will be all but impossible to deliver
  • Industry groups say tax would hurt US energy production
Bloomberg business news
Biden Warns Oil Firms He’ll Seek to Tax ‘Windfall’ Profits
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President 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.

“The oil industry has not met its commitment to invest in America and support the American people,” Biden said Monday. He called the industry’s profits “a windfall of war.”