US President Biden warned, on Monday, that oil companies would face a \u201chigher tax\u201d on their excess profits if they don\u2019t reinvest in increasing output so as to bring prices at the pump down.
\u201cThey have a responsibility to act in the interest of their consumers, their community and their country, to invest in America by increasing production and refining capacity,\u201d Biden said of the companies during a speech on Monday afternoon.
\u201cIf they don\u2019t, they\u2019re going to pay a higher tax on their excess profits and face other restrictions,\u201d he added in the remarks from the White House just more than a week before the midterm elections.
Biden cannot unilaterally impose a tax on companies; he would need a new law to pass Congress. He pledged to work with the legislature to look at his options.
His comments come after ExxonMobil, Chevron and Shell reported high third quarter earnings. The US president name-checked both Exxon and Shell in his speech.<\/p>\n","protected":false},"excerpt":{"rendered":"
US President Biden warned, on Monday, that oil companies would face a \u201chigher tax\u201d on their excess profits if they don\u2019t reinvest in increasing output so as to bring prices at the pump down. \u201cThey have a responsibility to act in the interest of their consumers, their community and their country, to invest in America …<\/p>\n","protected":false},"author":13,"featured_media":46216,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[7214,8488,7322,8107,7504,7100],"class_list":["post-74863","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-biden","tag-chevron","tag-exxonmobil","tag-fuel-prices","tag-shell","tag-tax"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/74863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=74863"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/74863\/revisions"}],"predecessor-version":[{"id":74872,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/74863\/revisions\/74872"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/46216"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=74863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=74863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=74863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}