Biden proposes tax on oil companies’ profits amid record earnings | USA TODAY

President Joe Biden warned big oil companies who have failed to pass savings to consumers, saying he wants an extra tax on their excess profits.

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"It’s time for these companies to stop war profiteering," Biden said in brief remarks at the White House. "The American people will judge who is standing with them and who is only looking out for their own bottom line."

The head of the American Petroleum Institute, the top lobbying group for the oil and gas industry, said Biden's proposal would backfire.

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25 comments

    1. As they should. Tell Joe Dufus to open the pipelines he closed. His lunacy not only raised prices but also increased CO2 levels since we import more oil now to make up the difference which means shipping more oil across the ocean burning up more diesel just to get it here.

  1. It’s him that’s done this. Him! The dollar is so weak most oil companies are breaking even. His ridiculous regulations and out of control spending got us here

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