Biden Accuses Oil Companies Of ‘War Profiteering’ As He Warns Of Excess Profit Penalties, Next- Do Media, Hollywood, Politicians
3 min read
The greedy Democrats love to shame-free market capitalists for making money, as we can see in this article about the ‘profits of energy companies’, which begs the question – why aren’t the Democrats ever worried about the profits of their political partners in DC, or their partners in Hollywood, or with how much their media partners make?
But the Democrats are only really ever concerned with the amount of money oil companies make, as they are now right before the November midterms, where Biden is likely to take a beating for soaring costs.
“Biden accuses oil companies of ‘war profiteering’ as he warns of excess profit penalties,” Yahoo News reported recently.
President Biden on Monday urged major oil companies to stop “war profiteering” and use record profits to boost domestic production as the White House looks to curb rising fuel prices ahead of the midterm election.
Biden accused oil and gas companies of profiting off “a windfall of war” in Ukraine, and rewarding their shareholders instead of helping millions of Americans who continue to face higher prices at the gas pump. The president called on energy producers to expand output, invest in new refining capacity and lower prices for U.S. consumers.
“If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions,” he said in remarks from the Roosevelt Room at the White House, flanked by Treasury Secretary Janet L. Yellen and Energy Secretary Jennifer M. Granholm.
“It’s time for these companies to stop war profiteering, meet their responsibilities in this country, give the American people a break and still do very well.”
Biden said his administration would work with Congress to explore potential penalties, but any new taxes are unlikely to muster enough support on Capitol Hill, where Democrats would need at least 10 Republicans to overcome a filibuster in the Senate.
The Associated Press reported that Biden would raise the idea of imposing a windfall tax after Exxon Mobil, Chevron and Shell reported record profits in recent weeks even as gas prices remained high across the country.
Exxon Mobil, Chevron, Shell, BP, ConocoPhillips and TotalEnergy earned more than $100 billion in profits over the last two quarters, more than they earned all of last year and more than two-and-a-half times what they earned in the same quarter of 2021, according to a White House official.
Biden and Democrats have sought to blame energy giants for soaring gas prices that may have helped dim their chances in next week’s midterm election, which will determine whether the party retains control of Congress.
The administration has struggled with the political fallout of high fuel costs — which surged to a national average of $5 per gallon over the summer — as they look to sell voters on Biden’s economic record.
The American people need to think about why the Democrats care so much about the profits of gas, and never talk about the profits of fake news networks.
About Pete Santilli
