"President Joe Biden escalated weeks of sharp warnings to energy producers on Monday by floating a so-called “windfall” tax on their corporate profits, calling out major gas companies for racking up gains from a spike in prices he attributes to Russia’s war in Ukraine.
“Record profits today are not because they’re doing something new or innovative. The profits are a windfall of war,” Biden said in brief remarks from the Roosevelt Room alongside Treasury Secretary Janet Yellen and Energy Secretary Jennifer Granholm.
The speech came as Americans face continued high prices at the gas pump in the final stretch of the midterm campaign season. Biden raised the possibility of pursuing the tax proposal, among other ideas, during hastily scheduled remarks at the White House Monday afternoon. It marked the latest in a series of policy and rhetorical efforts to battle high gas prices as Democrats brace for bruising midterm elections."
Phil Mattingly, Betsy Klein, Nikki Carvajal, and Maegan Vazquez report for CNN October 31, 2022.
SEE ALSO:
"Biden Paints Oil Firms As War Profiteers, Talks Windfall Tax" (AP)
"Biden Says Big Oil’s Windfall Profits Result Of ‘Brutal War’" (OilPrice)
"Biden Accuses Oil Companies of ‘War Profiteering’ and Threatens Windfall Tax" (New York Times)
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