Oil giants’ massive profits revive calls for windfall taxes
One AmericaMAR 19 2023
Biden Condemns Oil, Gas 'War Profiteering;' Threatens Windfall Tax
Image copyright: Steve Holland, Andrea Shalal and Katherine Jackson REUTERS
The Spin
Republican narrative
This latest move to bully corporations is nothing more than a desperate attempt to salvage the midterm elections. Biden's proposal of yet another dangerous policy will only increase energy prices and energy poverty while making America more reliant on foreign countries for its daily energy needs.
Democratic narrative
Biden is right to threaten energy companies that are driven by unadorned greed. While the average American struggles to make ends meet, oil and gas companies have taken advantage of the oil scarcity and racked up huge profits, and it's time this ends. Windfall taxes would ensure excess oil profits go back to help the Americans who are getting ripped off at the pump.