{"id":133002,"date":"2022-11-01T09:58:01","date_gmt":"2022-11-01T13:58:01","guid":{"rendered":"https:\/\/valorguardians.com\/blog\/?p=133002"},"modified":"2022-11-01T09:58:01","modified_gmt":"2022-11-01T13:58:01","slug":"oil-companies-that-do-not-lower-gas-prices-face-higher-taxes","status":"publish","type":"post","link":"https:\/\/www.azuse.cloud\/?p=133002","title":{"rendered":"Oil companies that do not lower gas prices face higher taxes"},"content":{"rendered":"

\"\"<\/a><\/p>\n

This is a message that Joe Biden wanted the oil companies to have. He accused these companies of profiting from the Ukraine war. Biden declared that it was time to stop these companies from war profiteering. Biden said that if they do not stop this profiteering, they would be paying more taxes on their excess profits.<\/p>\n

From CNBC:<\/span><\/strong><\/p>\n

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

\u201cTheir profits are a windfall of war,\u201d Biden said, referring to Russia\u2019s war in Ukraine, which prompted Western sanctions that reduced oil supply. \u201cIt\u2019s time for these companies to stop their war profiteering.\u201d<\/p>\n

\u201cIf they don\u2019t they\u2019re going to pay a higher tax on their excess profits,\u201d he said.<\/p>\n

With eight days to go before Election Day, 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

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 \u201cjunk fees\u201d from banks, airlines, cable companies and other industries, aiming to \u201cprovide families with more breathing room.\u201d<\/p>\n

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

Republicans, who generally support lower taxes, also hope to win back one or both chambers of Congress in the Nov. 8 midterms.<\/p>\n

Biden stressed that he is \u201ca capitalist\u201d but added that companies are making \u201cprofits so high it\u2019s hard to believe.\u201d<\/p><\/blockquote>\n

CNBC has more details<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

This is a message that Joe Biden wanted the oil companies to have. He accused these … Oil companies that do not lower gas prices face higher taxes<\/span>Read more<\/a><\/p>\n","protected":false},"author":661,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[647,518,11],"tags":[],"class_list":["post-133002","post","type-post","status-publish","format-standard","hentry","category-2022-elections","category-biden","category-economy"],"_links":{"self":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/133002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/users\/661"}],"replies":[{"embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=133002"}],"version-history":[{"count":0,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/133002\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=133002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=133002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=133002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}