Biden to punish oil, gas companies

Biden to punish oil, gas companies

Joe Biden’s administration is considering slapping oil and gas companies with heavy taxes.

President Biden on Tuesday called on oil companies to use their record profits to lower costs of living or pay a higher tax rate.

The move could affect pump prices globally, including in South Sudan where motorists are already battling higher high pump prices.

Biden said that blamed major oil companies for exorbitant profits while people are suffering.

“Their profits are a windfall of war. I think it’s outrageous,” Biden said.

“If they passed those profits on to consumers, gasoline prices would be down about 50 cents. If they don’t, they’re going to pay a higher tax on their excess profits, and face other restrictions,” he said. The White House will work with Congress to look at these options and others. “It’s time for these companies to stop war profiteering.” Buden was quoted by Reuters.

He emphasized that oil and gas companies should invest their profits in lowering living costs for the common man, failure to which he will seek Congress’s hand to compel the companies to pay higher levies.