[Levin]

BY RACHEL FRAZIN - 10/31/22 5:04 PM ET


President Biden on Monday warned that oil companies would face a “higher tax” on their excess profits if they don’t reinvest in increasing production to bring down prices at the pump.

......

His comments come after ExxonMobil, Chevron and Shell reported high third-quarter earnings.

......

Analysts have attributed this year’s high gas prices not only to the war, but to a rebound in demand after the pandemic as well as refinery closures and outages.

......

producers have also shown some aversion to what could be a risky investment in new drilling in case fuel prices drop again soon. In recent months, major companies have also sought to return profits to their shareholders by buying back their own stocks.

The oil industry rebuked Biden’s comments on Monday, saying that more taxes would actually discourage production.


https://thehill.com/policy/energy-enviro...roduction/

[LupCheong]

BY RACHEL FRAZIN - 10/31/22 5:04 PM ET


President Biden on Monday warned that oil companies would face a “higher tax” on their excess profits if they don’t reinvest in increasing production to bring down prices at the pump.

......

His comments come after ExxonMobil, Chevron and Shell reported high third-quarter earnings.

......

Analysts have attributed this year’s high gas prices not only to the war, but to a rebound in demand after the pandemic as well as refinery closures and outages.

......

producers have also shown some aversion to what could be a risky investment in new drilling in case fuel prices drop again soon. In recent months, major companies have also sought to return profits to their shareholders by buying back their own stocks.

The oil industry rebuked Biden’s comments on Monday, saying that more taxes would actually discourage production.


https://thehill.com/policy/energy-enviro...roduction/

Thank for the news article

[Manthink]

So...is America still a democracy or fake one run by desperate oligarchy who increasingly feel insecure and cornered in a changing World Order and their own Disorder at home  ?
[img] https://encrypted-tbn0.gstatic.com/image...K0eRQAIBTg&usqp=CAU[/img]

[grotesqueness]

TAX MUST

[cityhantam]

Biden should nationalise oil companies to make America even greater mah! 

[RiseofAsia]

Biden should nationalise oil companies to make America even greater mah! 

If you say so, means you dont know US politic.
Only Country like China can do so.
US politician is quite fearful to offend the ultra rich. 他们都是背后的金主！

[cityhantam]

If you say so, means you dont know US politic.
Only Country like China can do so.
US politician is quite fearful to offend the ultra rich.  他们都是背后的金主！

US government is controlled by the ultra rich lah!

[kc172021]

BY RACHEL FRAZIN - 10/31/22 5:04 PM ET


President Biden on Monday warned that oil companies would face a “higher tax” on their excess profits if they don’t reinvest in increasing production to bring down prices at the pump.

......

His comments come after ExxonMobil, Chevron and Shell reported high third-quarter earnings.

......

Analysts have attributed this year’s high gas prices not only to the war, but to a rebound in demand after the pandemic as well as refinery closures and outages.

......

producers have also shown some aversion to what could be a risky investment in new drilling in case fuel prices drop again soon. In recent months, major companies have also sought to return profits to their shareholders by buying back their own stocks.

The oil industry rebuked Biden’s comments on Monday, saying that more taxes would actually discourage production.


https://thehill.com/policy/energy-enviro...roduction/

This old man other than threatening, what else is he doing good???

[Blasterlord2]

I support Biden on this.

[maxsanic]

I doubt any of the oil companies will take Biden seriously. Elections are only 1 week away and so far the situation isn't looking good for him and the Democrats. Once the Republicans take over the House or perhaps even the Senate, he's about toast as far as setting the policy agenda is concerned.

[grotesqueness]

https://www.nytimes.com/2022/10/27/busin...l-gas.html


companies are greedy like the PAP which tied and compare their ridiculous paycheck to greedy companies


they take advantage of situation to blunder the poor citizen

[watchfirst9]

To tax more if cannot raise production
is saying climate change is a scam.

[Tangsen]

Aiyo why Assmericunt Bye-den … like communist dictator … why not market dictate leh

[victortan]

In 2020 they loss lot of money, will Biden compensate them. Now recession coming and want them to spend more
on new well.

will he compensate them if they loss money.