On the one hand consumers who struggle with it arrive at the end of the month because of the inflation that is raging and the price of petrol is skyrocketing. On the other hand, the record accounts of Big oil, that is, the seven supermajors of oil. So the President of the United States Joe Biden he lashed out at the energy giants: “Yours profits I am scandalousHe denounced without hiding his anger.
accomplice of war in Ukraineit is clear to everyone how the energy giants continue to grind profits. British Petroleum it closed the third quarter with a profit of $8.5 billion, beating analysts’ expectations. rafters he made 11.2 while exxon it made a record profit of nearly $20 billion. Overall, the five largest oil companies generated more than 50 billion in profits and according to estimates byInternational Energy Agencyprofits of the world’s largest oil and gas producers will double this year to a record 4 trillion billion.
Outstanding results that, Biden lamented, haven’t eased the pressure American families and they only translated into Shareholder Allocation Plans. A real injustice that the American government says needs to be corrected. Hence the President’s proposal impose tax penaltiesincluding one Tax on Incidental Profits on Big Oil if it doesn’t increase production or will lower prices for consumers. “If they don’t, they will pay higher taxes on other profits or they will be subject to other restrictions. We will work with Congress to evaluate the options available. It’s time they stop taking advantage and speculate on war and start giving the Americans an injection in the arm,” the President declared.
Biden’s move has its roots inmore liberal wing of Democratic Party been asking for a for months increased tax burden on oil companies. But the initiative is more than anything else choice to try to spill that consumer anger opposite to Big Oil instead of sui democrats and the home White. In Congress, the chances of such a measure being approved are slim, almost zero, should Republicans win Room or the senate in the elections of halftime next week. Conservatives are against it tax penalties for big oil companies and believe that Biden and the Democrats are the real culprits expensive gasoline for their policies discouraging industrial production.