Biden Administration Considering Proposal to Tax Oil, Gas Windfall Profits

Biden Administration Considering Proposal to Tax Oil, Gas Windfall Profits
Gas prices over $7 a gallon displayed at a Chevron gas station in Menlo Park, Calif., on May 25, 2022. Justin Sullivan/Getty Images
Bryan Jung
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The Biden administration is considering a proposal to tax oil and gas windfall profits to provide a gas subsidy for American consumers struggling with high energy prices, said Bharat Ramamurti, deputy director of the National Economic Council at a panel sponsored by the Roosevelt Institute think tank on June 2.

The news follows a similar move in the U.K. by Chancellor Rishi Sunak on May 26, to impose a 25 percent windfall tax on North Sea energy producers to provide a 15 billion pound ($18.9 billion) energy fund subsidy for Britons paying for soaring fuel costs.

Bryan Jung
Bryan Jung
Author
Bryan S. Jung is a native and resident of New York City with a background in politics and the legal industry. He graduated from Binghamton University.
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