President Joe Biden on Monday will raise the possibility of imposing a ‘windfall tax’ on energy companies, as his administration aims to combat high gas prices just days before the midterm elections.
President Joe Biden speaks during the Pennsylvania Democratic Party's 3rd Annual Independence Dinner in Philadelphia, Friday, Oct. 28, 2022.
“Oil companies made billions in profits this quarter,” Biden tweeted on Saturday. “They’re using these record profits to pay out their wealthy shareholders instead of investing in production and lowering costs for Americans. It’s unacceptable. It’s time for these companies to bring down prices at the pump."
Congress would have to approve any additional taxes on the energy producers — which would be a tall order in the current Congress where Democrats have narrow control of the House and Senate, and even less likely should Republicans retake one or both chambers on Nov. 8. 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.
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