Biden Mulls Raising Taxes on Oil Companies, Team Will Meet US Lawmakers to Look at Options
US President Joe Biden. File photo
WASHINGTON, (Sputnik) – President Joe Biden said he has formed a team that will meet with US lawmakers to discuss potentially raising taxes on oil companies if they do not help lower gasoline prices for US consumers.“Lowering prices for consumers at the pump… if they don’t, you’re gonna pay a higher tax on their excess profits and face other restrictions. My team will work with Congress to look at these options that are available to us and others,” Biden said during a press conference on Monday.In the last six months, six of the largest oil companies have made more than $100 billion, Biden said, noting that Shell earned $9.5 billion in the third quarter while Exxon made $18.7 billion during the same period.Biden called the profits earned by the oil companies “outrageous,” but added that if the companies pass some of their profits to the consumers, the price of gas would come down an additional 50 cents at the pump.In addition, Biden said the US oil industry has not met his commitment to invest in the American people.Oil companies in the United States have a responsibility to act in the interest of their consumers, community, and country instead of the interest of their executives and shareholders, Biden said.Biden also urged the oil companies to invest in increasing production and refining capacity in the United States.
