President Joe Biden is again threatening to punish oil and gas companies for what he claims is a lack of investment as gas prices continue to soar.
The oil industry has a choice.
— President Biden (@POTUS) October 31, 2022
Either invest in America by lowering prices for consumers at the pump and increasing production and refining capacity.
Or pay a higher tax on your excessive profits and face other restrictions.
The tweet comes less than 24 hours after Biden sent a similar message from the White House Monday afternoon, where he claimed the companies are the problem while dodging responsibility for his energy reducing policies.
"If they're investing their profits in the historic -- at historic rates in their U.S. operations, then America would be producing more oil today and prices would be down even further. But rather than increasing their investments in America or giving American consumers a break, their excess profits are going back to their shareholders and to buying back their stock," Biden said. "I think they 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."
Biden on oil and gas companies:
— Townhall.com (@townhallcom) October 31, 2022
"Their profits are a windfall of war." pic.twitter.com/yxJtmEYt6j
After Biden abruptly ended the Keystone XL pipeline on his first day in office, which was already well under construction, and vowed to end the fossil fuel industry, it's no wonder executives have put a freeze on future investment.
I’m not sure understand the argument for a windfall profits tax on energy companies. If you reduce profitability, you will discourage investment which is the opposite of our objective.
— Lawrence H. Summers (@LHSummers) November 1, 2022
— David Hamilton, FBISD School Board Trustee (@Hamilton4TX) July 3, 2022
