Biden to suggest new tax on oil companies amid windfall profits ...Middle East

President Biden will float a new tax on oil and gas companies in a speech on Monday after companies reported another quarter of extremely high profits amid spiking gas prices. A White House official told The Hill that Biden will call on oil and gas companies to invest their profits in “in lowering costs for American families and increasing production.” If they don’t do so, the president will call on Congress to consider “requiring oil companies to pay tax penalties and face other restrictions,” the official said via email. The official did not use the phrase “windfall tax,” but the president appears to be targeting the companies' profits after ExxonMobil, Chevron and Shell rep

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Last updated : 31 October 2022 clock 09:29 PM

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Biden to suggest new tax on oil companies amid windfall profits ...Middle East

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