Biden to Urge Congress to Consider Tax Penalties on Big Oil
- Shares of refiners, oil producers drop after news report
- AP reported windfall tax is being considered by White House
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President Joe Biden will call on Congress to consider tax penalties for oil and gas companies accruing record profits, according to a White House official, amid stubbornly high gasoline prices that are dragging on Democrats’ midterm prospects.
This could include a so-called windfall profit tax -- which Democrats have been proposing for more than a decade without success. The idea has renewed attention among progressives in Congress after gasoline prices spiked to more than $5 a gallon this summer.