Post by bonnasuttadhar225588 on Feb 15, 2024 10:54:07 GMT
One week before the midterm elections in the US, President Joe Biden denounces that oil companies are profiting from the war, and threatens to impose a tax on extraordinary profits. This is if companies do not drive to reduce the cost of gasoline and increase domestic production for American consumers. The profits of the world's largest oil companies have soared to almost £150 billion so far this year. Since Russia's war against Ukraine caused energy prices to rise, according to estimates by various analysts. Biden speaks out against oil companies The size of the profits has revived criticism from those who accuse multinationals of not doing enough to increase production to offset rising fuel costs. One of them is President Biden, who criticized the industry for making record profits while refusing to help lower prices for Americans. "It's time for these companies to stop war profiteering, fulfill their responsibilities in this country, and give the American people a break." Joe Biden, US president In a new quarterly cut, ExxonMobil and Chevron, two of the US energy giants , exceeded $30 billion in net profits in the third quarter, tripling compared to the same period in 2021.
In particular, President Biden lashed out at ExxonMobil, saying the company has used its record profits to provide shareholders with hefty dividends and stock buybacks, but not to invest in production improvements that would benefit gasoline consumers. Oil companies profit from a war Oil companies, the only winners of the war in Ukraine Behind all this is also that high prices at the pump have exacerbated inflation and are affecting the standing of Biden and the Democrats among voters. Since Americans have struggled with painfully high gas prices in Cyprus Email List recent months. In July, gasoline prices rose to an average of $4.80 per regular gallon. They have since fallen to an average of $3.76 nationally, but the White House says they should be lower, given the decline in global oil prices during the same period. "I can't believe I have to say this, but giving profits to shareholders is not the same as lowering prices for American families." Joe Biden, US president Biden's threat to impose extraordinary taxes on oil companies that profit from war follows calls from progressive Democrats, including Bernie Sanders and Elizabeth Warren. Additionally, at the end of October 2022, California Governor Gavin Newsom added his voice to the call for Congress to tax the profits of oil companies. «Crude oil prices are down, but oil and gas companies have raised prices at California gas stations.
This doesn't add up." Gavin Newsom, Governor of California. They urge energy giants to pay for extraordinary profits If the additional tax on oil company windfall profits continues, the US Congress would have to approve the proposal. However, some attempts during 2022 to regulate the industry have stalled in the Senate. However, as expected, industry groups have condemned Biden's proposal, calling his statements nothing more than "politicking." Likewise, the executive director of the American Exploration and Production Council, Anne Bradbury, said that "it would probably be counterproductive because it would further increase energy costs for American families and businesses." Similarly, Mike Sommers, president and CEO of the American Petroleum Institute, also refuted Biden's threat: "Instead of taking credit for price declines and shifting blame for price increases, the Biden administration “It should be taken seriously to address the imbalance between supply and demand that has led to higher gasoline prices and created long-term energy challenges.” Since oil companies do not set prices, but global raw materials markets do.