President Biden said on Monday that oil companies could be hit with a higher tax if they don't increase production.
Biden said that companies have a responsibility to invest in America by increasing production and refining capacity. If they don't do their part to expand the U.S. oil supply, he suggested he would find a way to tax them.
They will have to pay a higher tax on their excess profits and face restrictions if they don't.
A surge in demand for gas was caused by Americans returning to leisure travel and other recreational activities. Biden claims that Putin's price hike is responsible for much of the inflation in household commodities.
He accused the domestic oil industry of using profits to make more oil. The consumer crunch has gotten worse since the announcement of the decrease in oil production by the Organization of the Petroleum Exporting Countries. The oil industry has not supported the American people according to Biden.
The conspiracy that oil companies are coordinating to keep the price of gas high has been fueled by this rhetoric. He pointed out that major oil companies made huge profits in the third quarter of 2022, while American families struggled to make ends meet. Some oil firms say taxation will be different than intended.
Increasing taxes on American energy discourages investment which is the opposite of what is needed. American families and businesses are looking for solutions, not rhetoric, according to the president of the American Petroleum Institute.
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