© Daniel DeLoach / The Observer-Dispatch / USA TODAY NETWORK
Syndication: Utica Observer Dispatch
WASHINGTON (AP) — President Joe Biden plans to raise the possibility of imposing a ‘windfall tax’ on oil companies if they don’t boost domestic production.
This comes as his administration aims to combat high gas prices just days before the midterm elections. The White House says Biden will deliver remarks on Monday to respond ”to reports over recent days of major oil companies making record-setting profits even as they refuse to help lower prices at the pump for the American people.”
A person familiar with the matter said Biden will float imposing a tax on the profits of energy companies, as he seeks to pressure them to lower prices for consumers. The person spoke on the condition of anonymity to preview Biden’s remarks.
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