Biden to Hold Big Oil Accountable with Call for Windfall Profits Tax; Policy Would Help Ease Cost-of-Living Crisis for Working Americans

Today, the Associated Press is reporting that President Biden intends to throw his support behind a windfall profits tax of major oil and gas companies who've reported record-breaking profits this year. Just last week, ExxonMobil reported all-time record third quarter profits of $20 billion.

Instead of lowering prices or increasing production, Big Oil CEOs have used their profits to purchase stock buybacks, enriching shareholders while further exacerbating the cost-of-living crisis and inflation that is hurting the American people.

A well-designed windfall profits tax would raise billions of dollars of relief. It's also popular policy with the electorate. One poll found that 80% of voters support a windfall profits tax. And in the past few months, dozens of members of Congress and Democratic candidates in key races have announced their support for such a policy, including Majority Leader Schumer.

Around the world, a number of European countries have already enacted windfall profits taxes to help citizens afford high energy costs this winter.

In response, Jamie Henn, spokesperson for STOP (Stop the Oil Profiteering) released the following statement:

"This is exactly the type of leadership we've been waiting for from President Biden. Big Oil has made nearly $300 billion in excess profits this year by gouging us at the pump. A windfall profits tax can provide immediate relief by redirecting that money into the pockets of hardworking Americans. With 80 percent of voters supporting the policy, this could be a political game changer for Democrats. It's a clear way for them to play offense against opponents who are in the pockets of Big Oil."