President Joe Biden on Monday will raise the possibility of imposing a 'windfall tax' on energy companies if they don't boost domestic production, as his administration aims to combat high gas prices just days before the midterm elections.
High prices at the pump have exacerbated inflation and have taken a toll on Biden and Democrats’ standing among voters.
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, almost reaching the record profits it attained in the prior quarter. Biden has been critical of energy companies profits since at least June, when he complained publicly that “Exxon made more money than God this year.”
And last week, California Gov. Gavin Newsom called on Congress to tax the profits of oil companies. “Crude oil prices are down but oil and gas companies have jacked up prices at the pump in California. This doesn’t add up,” Newsom said on Friday. “We’re not going to stand by while greedy oil companies fleece Californians. Instead, I’m calling for a windfall tax to ensure excess oil profits go back to help millions of Californians who are getting ripped off.
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