AP: President Biden Expected To Propose Windfall Tax On Energy Profits

According to AP, US President Joe Biden will use remarks at the White House scheduled for 16:30 ET 20:30 BST today to float the idea of a windfall tax on oil and gas profits.

• Livestream: https://www.whitehouse.gov/live/
• According to the White House, Biden will respond ”to reports over recent days of major oil companies making record-setting profits even as they refuse to help lower prices at the pump for the American people.”
• AP: "A person familiar with the matter said Biden will float imposing a tax on the profits of energy companies, as he seeks to pressure them to lower prices for consumers."
• Biden tweeted on Saturday: “Oil companies made billions in profits this quarter. They’re using these record profits to pay out their wealthy shareholders instead of investing in production and lowering costs for Americans. It’s unacceptable. It’s time for these companies to bring down prices at the pump.”
• The EU Commission approved a temporary windfall tax on energy companies in September which followed a similar one-off windfall tax introduced by UK Prime Minister Rishi Sunak when he was Chancellor of the Exchequer under former Prime Minister Boris Johnson.