Joe Biden threatens to tax oil giants’ ‘war profits’

Denouncing the profits of Exxonmobil and Chevron due to the increase in oil prices following the invasion of Ukraine by Russia, the American president threatened to introduce a new tax if prices at the pump did not fall not.

Joe Biden threatened Monday, in virulent terms, to tax the “war profits” of the oil giants a week before crucial legislative elections. “It’s time for these corporations to stop profiting from war and take responsibility in this country. The American people will judge who is on their side and who only cares about their profits,” he said.

The tenant of the White House mentioned the pharaonic profits announced recently by Exxonmobil and Chevron (more than 30 billion dollars between them in a single quarter).

He described as “scandalous” the results published in the third quarter by these companies in the sector. And lamented that these profits are returned to shareholders and that executive compensation “explodes”, while prices at the pump remain high. “Enough is enough!” he said.

Companies “will pay a higher tax”

The 79-year-old Democrat said the huge profits were mostly “war profits” due to the rise in oil prices following Russia’s invasion of Ukraine.

If companies don’t lower prices at the pump, “they will pay a higher tax on excessive profits,” he said, indicating that his teams would “work with Congress” to do so.

The declaration does not commit him to much, since in barely a week, on November 8, crucial mid-term elections will be held which could completely change the face of the two chambers of the said Congress.

The “midterms”, which renew the entire House of Representatives and more than a third of the seats in the Senate, are traditionally difficult for the power in place. And according to the latest polls, the Republican party, opposed to Biden, could take control of the House of Representatives.

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