{"id":1719283,"date":"2022-11-01T08:08:52","date_gmt":"2022-11-01T12:08:52","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1719283"},"modified":"2022-11-01T08:18:51","modified_gmt":"2022-11-01T12:18:51","slug":"biden-threatens-to-tax-and-regulate-oil-companies-more-if-they-dont-lower-prices","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-threatens-to-tax-and-regulate-oil-companies-more-if-they-dont-lower-prices\/","title":{"rendered":"Biden Threatens to Tax and Regulate Oil Companies More If They Don&#8217;t Lower Prices"},"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\">28<\/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-threatens-to-tax-and-regulate-oil-companies-more-if-they-dont-lower-prices%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=1719283&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--><div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<div class=\"TopBanner-container\" data-top-banner-placeholder=\"true\"><\/div>\n<\/div>\n<div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\">\n<div class=\"RenderKeyPoints-keyPoints\" id=\"RegularArticle-KeyPoints-4\" data-test=\"keyPoints-1\" data-analytics=\"RegularArticle-keyPoints-4-1\">\n<div class=\"RenderKeyPoints-wrapper\">\n<div class=\"RenderKeyPoints-list\">\n<div>\n<div class=\"group\">\n<ul>\n<li>President Joe Biden threatened to pursue higher taxes on oil companies if they do not try to lower gas prices.<\/li>\n<li>Any new proposed taxes on the businesses could run into opposition in Congress.<\/li>\n<li>Biden has highlighted efforts to reduce costs for consumers as voters worry about inflation ahead of the Nov. 8 midterm elections.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ArticleBody-articleBody\" id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-107143706\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000270921\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><img decoding=\"async\" class=\"InlineVideo-videoThumbnail\" src=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107143707-16672630951667263092-26321494018-1080pnbcnews.jpg?v=1667263372&#038;w=750&#038;h=422&#038;vtcrop=y\" alt=\"President Biden says oil company profits &#039;outrageous&#039; and a &#039;windfall of war&#039;\" \/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>President <a href=\"https:\/\/www.cnbc.com\/joe-biden\/\">Joe Biden<\/a> threatened Monday to pursue higher taxes on oil company profits if industry giants do not work to cut gas prices.<\/p>\n<p>Biden has criticized oil companies that have made record-high profits as consumers struggle to keep up with high gas prices. The price of a gallon of gas was $3.76 on Monday, according to AAA, down from a record of over $5 in June but still higher than a year ago.<\/p>\n<p>&#8220;Their profits are a windfall of war,&#8221; Biden said, referring to Russia&#8217;s war in Ukraine, which prompted Western sanctions that reduced oil supply. &#8220;It&#8217;s time for these companies to stop their war profiteering.&#8221;<\/p>\n<p>&#8220;If they don&#8217;t they&#8217;re going to pay a higher tax on their excess profits,&#8221; he said.<\/p>\n<p>With eight days to go <a href=\"https:\/\/www.cnbc.com\/2022\/10\/26\/white-house-hammers-economic-issues-with-attack-on-junk-fees-two-weeks-out-from-election-day.html\">before Election Day<\/a>, White House messaging has focused on how Democrats are working to improve the economy and how Republicans would make it worse. Inflation and the economy consistently rank as the top issue for voters \u2014 and higher gas prices stretched consumer budgets for much of this year.<\/p>\n<\/div>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107143645\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<div class=\"InlineImage-imageEmbedCaption\">U.S. President Joe Biden makes a statement about gasoline prices and oil company profits in the Roosevelt Room at the White House in Washington, October 31, 2022.<\/div>\n<div class=\"InlineImage-imageEmbedCredit\">Leah Millis | Reuters<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Ahead of the election, he has highlighted efforts to reduce consumer costs in a range of other industries. Last week, Biden announced initiatives to address\u00a0<a href=\"https:\/\/www.cnbc.com\/2022\/10\/26\/consumer-watchdogs-new-guidance-aims-to-end-junk-fees-at-banks.html\">&#8220;junk fees&#8221;<\/a>\u00a0from banks, airlines, cable companies and other industries, aiming to &#8220;provide families with more breathing room.&#8221;<\/p>\n<p>Any new taxes on oil profits would need congressional approval, which may prove difficult as Democrats control both chambers of Congress by slim margins. Progressives like Senators Bernie Sanders of Vermont and Elizabeth Warren of Massachusetts previously floated the idea.<\/p>\n<p>Republicans, who generally support lower taxes, also hope to win back one or both chambers of Congress in the Nov. 8 midterms.<\/p>\n<p>Biden stressed that he is &#8220;a capitalist&#8221; but added that companies are making &#8220;profits so high it&#8217;s hard to believe.&#8221;<\/p>\n<p>Shell made $9.5 billion in profits in the third quarter, almost double what it made in the same period last year, Biden said. Exxon&#8217;s profits in the third quarter were $18.7 billion, nearly triple what Exxon made last year and the most in its 152-year history.<\/p>\n<p>Biden has made pleas to oil companies to increase production rather than to <a href=\"https:\/\/www.cnbc.com\/2022\/10\/19\/biden-says-oil-companies-should-prioritize-lowering-prices-over-stock-buybacks.html\">enrich shareholders<\/a> in recent weeks as the price of gas remains high.<\/p>\n<p>Earlier this month, Biden\u00a0announced the release of\u00a0<a href=\"https:\/\/www.cnbc.com\/2022\/10\/18\/oil-prices-biden-to-announce-release-from-strategic-petroleum-reserve.html\">15 million barrels of crude oil<\/a>\u00a0from the Strategic Petroleum Reserve. The White House has released about 165 million barrels of crude from the reserve since the beginning of the year, out of a total that it said would be around 180 million.\u00a0<\/p>\n<p>Biden promised in his earlier speech to purchase oil to refill the reserve once the price hits $70 a barrel. He said companies should therefore invest now in increased production with the confidence that the government will purchase the oil later.<\/p>\n<p>The American Petroleum Institute, an oil and natural gas trade association, did not immediately respond to a request to comment on Biden&#8217;s remarks.<\/p>\n<\/div>\n<\/div>\n<div class=\"WatchLiveRightRail-inline WatchLiveRightRail-container\" id=\"RegularArticle-WatchLiveRightRail-7\" data-test=\"watchLiveRightRail-4\" data-analytics=\"RegularArticle-watchLiveRightRail-7-4\">\n<div class=\"WatchLiveRightRail-contents\"><a href=\"https:\/\/www.cnbc.com\/live-tv\/\" class=\"WatchLiveRightRail-wlButton\">WATCH LIVE<img decoding=\"async\" src=\"https:\/\/static-redesign.cnbcfm.com\/dist\/4db8932b7ac3e84e3f64.svg\" class=\"WatchLiveRightRail-logo\" alt=\"logo\" \/><\/a><a href=\"https:\/\/www.cnbc.com\/live-tv\/\" class=\"WatchLiveRightRail-wlButtonMobile\">WATCH IN THE APP<\/a><\/div>\n<\/div>\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\"><\/div>\n<div class=\"PageBuilder-col-12 PageBuilder-col PageBuilder-article\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden threatened to pursue higher taxes on oil companies if they do not try to lower gas prices.<\/p>\n","protected":false},"author":1,"featured_media":1719286,"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-1719283","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\/1719283","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=1719283"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1719283\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1719286"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1719283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1719283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1719283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}