President Joe Biden on Monday will again urge oil companies to reinvest their profits to drive down energy prices and, if they don’t, plans to ask Congress to tax their super-profits.
According to a White House official, Mr. Biden will once again urge the big oil and gas companies to “invest their record profits to cut energy costs for American families and increase their production.” “If they don’t, he will ask Congress to consider taxing them and subjecting them to other restrictions,” the official added.
With a week to go before the midterm elections and while Americans are unhappy with inflation and rising gas prices at the pump, the Democratic president will once again pressurize America’s hydrocarbon giants to “help stem rising energy costs.”
Gasoline prices at the pump remain high for American drivers, although they have fallen in recent months after hitting record highs in the spring and rising to over $5 a gallon.
To mitigate the surge, caused in particular by the war in Ukraine and sanctions against Russia, a major oil and gas producer, the democratic government dumped about 180 million barrels of crude oil on the market, which was pulled from it in an unprecedented gesture became Strategic Reserves.
Joe Biden has repeatedly pointed the finger at oil majors, who are accused of making colossal profits on soaring crude prices without attempting to “defuse the budget.”
The average price per gallon of gasoline was $3.76 on Monday, according to the American Automobile Association (AAA).