President Joe Biden called on oil and gas companies to lower gas prices amid skyrocketing pump prices.
Speaking from the White House on Monday, Biden criticized oil companies that are profiting from the Russia-Ukraine war while Americans pay a meager amount to fill up their cars.
“The oil industry has not has not met its commitment to invest in America and support the American people,” he said. “Oil companies’ record profits today are not because they’re doing something new or innovative. Their profits are a windfall of war — the windfall from the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe.”
The president then threatened to impose a windfall tax on oil and gas firms, adding that the White House would work with Congress to look at these options.
“You know, if they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions,” Biden said. “My team will work with Congress to look at these options that are available to us and others. It’s time for these companies to stop war profiteering, meet their responsibilities to this country, and give the American people a break and still do very well.”
The White House has been considering congressional proposals for months that could tax oil and gas producers’ profits as consumers suffer financial strain due to worsening inflation numbers and rising gas prices.
Biden’s remark comes less than a week before the midterm elections, where Republicans are expected to take control of both houses of Congress.
The latest NYT/Siena survey found that 52 percent of voters said that they trust Republicans to manage the economy, while only 38 percent put their faith in the Democrats.
Republican lawmakers are also using the current state of economic affairs as a talking point against Democrats ahead of the midterm elections next month.
“Too many Americans are living the nightmare of having to choose between buying gas they can’t afford, buying groceries they can’t afford, and paying energy bills they can’t afford,” said GOP Wyoming Sen. John Barrasso. “Families are struggling under the Democrats’ radical agenda.”
