Biden Says He’ll “Work With Congress” to Raise Taxes on Oil and Gas Companies.

Yeah, I’ll believe it when I see it.

Photo by Erik Mclean on Unsplash

At this point, it’s impossible to deny that what the American people are experiencing at the gas pump is nothing less than extortion. Period. While we struggle with inflation and watch the costs of virtually everything rise around us, oil and gas companies use current circumstances as convenient cover to charge us as much as they think they can possibly get away with. And then of course, there’s the fact that OPEC has decided to cut production leading up to winter and the the midterm election in an effort to send a message to President Biden.

Well, Biden’s responding.

Maybe.

Maureen Groppe and Michael Collins write:

“President Joe Biden on Monday accused oil companies of “war profiteering,” threatening to go after their “outrageous” profits if pump prices don’t fall.

Unless the industry passes some of those profits onto consumers and increases domestic production, Biden said he will work with Congress to impose a tax on “excess profits,” along with other restrictions.

“It’s time for these companies to stop war profiteering,” Biden said in brief remarks at the White House. “The American people will…