Biden says oil company profits are ‘outrageous’ and a ‘windfall’ from the Ukraine War: President says ‘enough is enough’ and execs should be paying higher taxes if they don’t reduce prices at the pump

  • President Joe Biden will work with Congress on a ‘windfall tax’ on energy companies
  • ‘Oil companies’ record profits today are not because they’re doing something new or innovative,’ Biden said in remarks at the White House 
  • ‘Their profits are a windfall of war,’ he said 
  • Such a tax is unlikely to be approved by Congress if Republicans take power in November  
  • Last week Exxon Mobil broke records with its profits in the third quarter, raking in $19.66 billion in net income, and Chevron had $11.23 billion in profits
  • A ‘windfall profits tax’ would fall on the profits of energy firms that are in excess of their typical annual profits
  • Biden trying to lower gas prices ahead of midterm election
  • Congress would have to approve any new tax
  • Biden making remarks on energy prices at White House Monday afternoon

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