On 10/31/2022, during a speech, Joe Biden threatens oil companies with ‘higher tax’ if they don’t increase production, “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.” “If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions,” he added in the remarks from the White House just more than a week before the midterm elections. Biden stressed that he is “a capitalist” but added that companies are making “profits so high it’s hard to believe.”

Oil 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. Biden can’t unilaterally impose a tax on companies; he would need a new law to pass Congress. He pledged to work with the legislature to look at his options. With eight days to go before Election Day, White House messaging has focused on how Democrats are working to improve the economy and how Republicans would make it worse. Inflation and the economy consistently rank as the top issue for voters — and higher gas prices stretched consumer budgets for much of this year.

Biden and his allies have blamed many things for the high prices, and have also tried to pin the blame on the industry. The oil industry rebuked Biden’s comments, saying that more taxes would actually discourage production. “Increasing taxes on American energy discourages investment in new production, which is the exact opposite of what is needed. American families and businesses are looking to lawmakers for solutions, not campaign rhetoric,” said American Petroleum Institute President Mike Sommers in a written statement.

Any new taxes on oil profits would need congressional approval, which may prove difficult as Democrats control both chambers of Congress by slim margins. Progressives like Senators Bernie Sanders of Vermont and Elizabeth Warren of Massachusetts previously floated the idea.

Biden started with, “You’re not out in the rain with the Halloweeners, yeah yeah I got to go out so you got to come with me.” He claims Americans see “real savings” on gas…a gallon costs ~$1.40 more than when he took office, “set gas prices soaring literally around the world not just here but around the world and because of the action we’ve taken since then gas prices have actually come down going into the strategic petroleum reserve here at home in America. They’re down more than a dollar twenty since their peak … today the average price for a gallon of gas is 3.76 that’s adding up to real savings for American families the difference between those prices and this difference makes a difference in a difficult time Americans across the country have stepped up and they to do the right thing but not everyone stepped up the oil industry is not has not met his commitment to invest in America and support the American people one by one major oil companies have reported record profits … “

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Before Midterm, Biden threatens higher tax on oil companies if profit high; claims now Real Savings.