Oil Industry Group Slams Biden’s Threats of Windfall Taxes, Restrictions
The industry group representing America’s oil industry slammed President Joe Biden’s recent statements threatening windfall taxes and restrictions on oil companies.
Biden attacked major U.S. oil companies at a White House press conference on Oct. 31, instructing them to invest more into boosting domestic oil production and to lower consumer prices—or else face possible restrictions.
He also accused the energy industry of war profiteering, calling their recent earnings a “windfall of war” in Ukraine, and said that they have a “responsibility to act in the interest of their consumers, their community, and their country.”
The president issued the threat to levy a windfall tax penalty on oil companies a week before the midterm elections….