Can the White House’s Battle With Oil Companies Yield Any Results?
President Joe Biden recently accused oil and gas companies of “war profiteering” as they post record profits amid soaring energy prices. He handed the fossil fuel industry an ultimatum: boost production or face a windfall tax on record profits.
This comes as crude oil prices are coming off a 2.5 percent gain in October, with a barrel of West Texas Intermediate (WTI) topping $88 on the New York Mercantile Exchange.
Ahead of the midterm elections, the Biden administration and Democrats in Washington have been hammering home the message that it is corporate greed that is leading to pain at the pump and broader inflationary pressures. But this is not the first time the Democrats have flirted with such a tax….