- 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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