Biden Blasts ‘Big Oil’ For “War Profiteering”, Urges Congressional ‘Windfall Tax’

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Assessment: Venezuela produced 3 million barrels per day before enacting a windfall tax oil on company profits, and 1 million per day after … welcome to the next Venezuela …

President Biden confirmed expectations in his brief address, stating that he is seeking to impose higher taxes on oil firms who do not boost their US production and refining capacity.

It’s time for these companies to stop war profiteering, meet their responsibilities in this country and give the American people a break and still do very well,” Biden said during a brief speech at the White House.

“If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions. My team will work with Congress to look at these options that are available to us and others,” Biden added.’

“A fool has no delight in understanding,
But in expressing his own heart.” Proverbs 18:2

Bloomberg’s Javier Blas comments on the circularity of oil politics…

Note the final sentence of the 2006 Report on the US Windfall tax policy of the 1980s:

“In the long-run, such a tax is a tax on capital; it reduces the rate of return, thus reducing the supply of capital to the oil industry.”

In other words, a windfall tax failed in the 80s and will just drive prices higher in the long-run.

Read More @ Zero Hedge HERE