{"id":1718837,"date":"2022-10-31T16:45:57","date_gmt":"2022-10-31T20:45:57","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1718837"},"modified":"2022-10-31T17:05:19","modified_gmt":"2022-10-31T21:05:19","slug":"biden-to-pitch-windfall-tax-on-oil-companies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-pitch-windfall-tax-on-oil-companies\/","title":{"rendered":"Biden to Pitch &#8220;Windfall Tax&#8221; on Oil Companies"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-to-pitch-windfall-tax-on-oil-companies%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1718837&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>President Biden will propose a \u201cwindfall\u201d tax on oil companies Monday for record profits amid elevated prices at the pump that are hurting Democrats in midterm election polling \u2014 though the proposal stands little chance of passing Congress anytime soon.<\/p>\n<p>Biden\u2019s windfall tax proposal serves to redirect blame for broader economic frustrations from the White House after the release of third-quarter earning reports showing companies like Exxon and Chevron riding high as Americans struggle to fill their tanks.<\/p>\n<p>Voters have given Biden poor marks on his management of the economy, dragging on Democrats going into the Nov. 8 polling.<\/p>\n<p>The worst inflation since 1981 has caused the costs of food, transportation and housing to jump 8.2% over 12 months. The Federal Reserve\u2019s interest rate hikes this year, meanwhile, have increased the costs of consumer borrowing, including for mortgages<\/p>\n<p>The precise details of Biden\u2019s plan are unclear. His intention to call for the special tax on corporate profits was reported by multiple news outlets.<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/biden-to-pitch-windfall-tax-on-oil-firms-2.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/biden-to-pitch-windfall-tax-on-oil-firms-2.jpg\" alt=\"US President Joe Biden gestures as he arrives to speak at a reception for the Pennsylvania Democratic Party in Philadelphia on October 28, 2022.\" class=\"wp-image-24470175\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/biden-to-pitch-windfall-tax-on-oil-firms-2.jpg?quality=75&#038;strip=all&#038;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/biden-to-pitch-windfall-tax-on-oil-firms-2.jpg?quality=75&#038;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/biden-to-pitch-windfall-tax-on-oil-firms-2.jpg?quality=75&#038;strip=all&#038;w=512 512w\" \/><\/a><figcaption>President Biden\u2019s windfall tax proposal aims to shift blame for voters\u2019 economic frustrations from the White House.<\/figcaption><figcaption><span class=\"credit\">Photo by MANDEL NGAN \/ AFP<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/biden-to-pitch-windfall-tax-on-oil-firms-3.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/biden-to-pitch-windfall-tax-on-oil-firms-3.jpg\" alt=\"Exxon Retail Gas Location.\" class=\"wp-image-24470200\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/biden-to-pitch-windfall-tax-on-oil-firms-3.jpg?quality=75&#038;strip=all&#038;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/biden-to-pitch-windfall-tax-on-oil-firms-3.jpg?quality=75&#038;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/biden-to-pitch-windfall-tax-on-oil-firms-3.jpg?quality=75&#038;strip=all&#038;w=512 512w\" \/><\/a><figcaption>The proposal is directed at oil companies like Exxon.<\/figcaption><figcaption><span class=\"credit\">Shutterstock \/ Jonathan Weiss<\/span><\/figcaption><\/figure>\n<p>Exxon, the largest US oil company, reported <a href=\"https:\/\/corporate.exxonmobil.com\/-\/media\/global\/files\/investor-relations\/quarterly-earnings\/earnings-announcements\/2022-earnings-announcements\/3q-earnings-release.pdf?la=en&#038;hash=6D95ABFF7C116D5BA5EC012530430702625BEA97\" target=\"_blank\" rel=\"noreferrer noopener\">$19.7 billion <\/a>in profits from July through September, <a href=\"https:\/\/archive.ph\/2DWua#selection-677.21-700.0\" target=\"_blank\" rel=\"noreferrer noopener\">up 10%<\/a> from the second quarter of 2022. Chevron, the second-largest US oil company, reported $11.2 billion in profit, slightly less than in the company\u2019s prior quarter.<\/p>\n<p>Exxon said its third-quarter earnings were $5.3 billion higher than in the third quarter of 2021 \u201cdue to stronger industry refining margins, positive derivative mark-to-market effects and higher volumes.\u201d<\/p>\n<p>In the third quarter, Exxon spent $3.7 billion paying dividends to shareholders and $4.5 billion on buybacks that can increase stock value.<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/biden-to-pitch-windfall-tax-on-oil-firms-6.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/biden-to-pitch-windfall-tax-on-oil-firms-6.jpg\" alt=\"Chevron Corporation Signage Logo on Top of Glass Building. Workplace of Gas and Oil Company in High-rise Office Headquarters.\" class=\"wp-image-24470201\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/biden-to-pitch-windfall-tax-on-oil-firms-6.jpg?quality=75&#038;strip=all&#038;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/biden-to-pitch-windfall-tax-on-oil-firms-6.jpg?quality=75&#038;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/biden-to-pitch-windfall-tax-on-oil-firms-6.jpg?quality=75&#038;strip=all&#038;w=512 512w\" \/><\/a><figcaption>Oil is still at high prices, despite dropping since June.<\/figcaption><figcaption><span class=\"credit\">Shutterstock \/ askarim<\/span><\/figcaption><\/figure>\n<p>The average cost of a gallon of regular gas in the United States is $3.76, lower than all-time highs over $5 in June, but still up significantly from $3.40 at this time last year, <a href=\"https:\/\/gasprices.aaa.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">according to<\/a> AAA data.<\/p>\n<p>Just 16% of voters said the economy is either \u201cexcellent\u201d or \u201cgood\u201d in a <a href=\"https:\/\/www.cnbc.com\/2022\/10\/20\/gop-holds-big-leads-on-key-economic-issues-ahead-of-the-november-elections-cnbc-survey-shows.html\" target=\"_blank\" rel=\"noreferrer noopener\">CNBC poll<\/a> released this month and 59% said they expected a recession.<\/p>\n<p>That\u00a0poll\u00a0found just 40% of voters approve of Biden\u2019s handling of the economy, though that figure was up 10 percentage points from an abysmal 30% in July.<\/p>\n<p><em>Developing<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Biden will propose a \u201cwindfall\u201d tax on oil companies Monday for record profits amid elevated prices at the pump that are hurting Democrats in midterm election polling<\/p>\n","protected":false},"author":1,"featured_media":1718841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1718837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1718837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1718837"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1718837\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1718841"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1718837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1718837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1718837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}