Biden will push Congress to impose new taxes on oil companies if the industry doesn't take more action to lower fuel prices and boost domestic output, a White House official said.
US President Joe Biden speaks on manufacturing at the SRC Arena and Events Center of Onondaga Community College in Syracuse, New York on October 27, 2022.
President Biden will push Congress to impose new taxes on oil companies if the industry doesn't take more action to lower fuel prices and boost domestic output, a White House official said.The preview of Biden's remarks at the White House later this afternoon arrive a week before midterm elections in which elevated gasoline prices jeopardize Democrats' performance at the ballot box.
"And if they don’t, he will call on Congress to consider requiring oil companies to pay tax penalties and face other restrictions," the official added.
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