Biden’s Latest Energy Deflection: Raise Taxes

Biden’s Latest Energy Deflection: Raise Taxes

November 1, 2022

President Joe Biden and his administration’s extreme energy policies have predictably resulted in sky-high costs for American families. Biden has become increasingly desperate to shift blame and he is reportedly considering a new plan: raise energy taxes.

The Associated Press reports: “President Joe Biden on Monday accused oil companies of ‘war profiteering’ as he raised the possibility of imposing a windfall tax on energy companies if they don’t boost domestic production…The president suggested he will look to Congress to levy tax penalties on oil tax companies if they don’t begin to invest some of their profits in lowering costs for American consumers. The president issued the warning just days before the Nov. 8 midterm elections.”

You read that right. President Biden’s solution for high prices is raise taxes on energy producers, who will then pass that cost onto American consumers. Higher taxes do not bring prices down.

Daniel Turner, our founder, and executive director was quick to blast the president’s plan. “Out of time and answers, the Biden Administration is trotting out another policy straight out of the 1970s in a transparent attempt to shift attention from their colossal failures,” said Turner. “Only in Joe Biden’s mind does it make sense to lower prices by raising taxes. America was energy independent three short years ago, and for all of President Biden’s many shortcomings, his policies on energy stand alone. Raising taxes will do nothing to address our current supply imbalance or lower prices for consumers who are already suffering under Biden’s inflation tax. If he was truly interested in improving the current situation, President Biden would sit down with America’s energy producers instead of his continued vilification and demonization.”

Biden trying to blame energy companies for high prices is even more ironic because just two days earlier, he was claiming credit for prices at the pump. Biden’s war on energy workers and production is the reason for high costs. Raising taxes will only make things so much worse.