See Local News
Get Balanced News From Your U.S. State.
See Local News
See all locals

Analysis: Biden's threatened windfall oil tax unlikely to pass U.S. Congress

Posted on AllSides November 2nd, 2022
From The Center
REUTERS/Kevin Lamarque
ANALYSIS

President Joe Biden's threat to impose a windfall profits tax on oil companies is unlikely to pass in the U.S. Congress, even if Democrats defy forecasts and manage to maintain their razor-thin majority in midterm elections on Nov. 8.

Congress passed big, retroactive tax breaks for Big Oil when former President Donald Trump was in office, as fuel demand dropped during COVID lockdowns. After oil prices soared following Russia's invasion of Ukraine, European governments already have imposed windfall taxes on their oil industries.

But most U.S. lawmakers show little appetite...

Read full story

AllSides Picks

https://www.reuters.com/business/energy/bidens-threatened-windfall-oil-tax-unlikely-pass-us-congress-2022-11-02/

More News about Joe Biden from the Left, Center and Right

From the Left

From the Center

From the Right