President Joe Biden’s pledge to impose a Crude Oil Windfall Profits Tax on U.S. oil and natural gas companies if they don’t increase production to “bring down gas prices” is another failed Democratic policy, critics, including a former Treasury Secretary, argue.
In a speech one week before midterm elections, Biden said the companies 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. If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions.”
