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Free AccessRamamurti: Biden Hasn't Ruled Out A Tax On Excessive Gas Profits
White House Deputy Director of the National Economic Council Bharat Ramamurti has told reporters that President Biden hasn't ruled out a windfall tax on energy companies.
- Ramamurti also repeated the White House line that inflation is a global problem and claimed that oil refiners are responsible for high prices.
- Today reports from the suggested White House is also looking at a gas tax holiday. Biden has generally been reluctant to pursue legislation via executive order and it is hard to see any substantial tax legislation, either a tax holiday or windfall tax, passing Congress.
- Commerce Secretary Gina Raimondo said last week: "The president is asking for Congress and others for potential ideas. But the reality is that there isn't very much more to be done. Some people have talked about a gas tax holiday but of course that is something that Congress would have to move on. The president has already taken very bold moves by tapping 1m barrels a day from the strategic petroleum reserve."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.