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WH Econ Advisor-Biden Has Not Ruled Out Support For Windfall Tax On Big Oil

US

Speaking to CNN, Chair of the Council of Economic Advisors Cecilia Rouse states that President Joe Biden has not ruled out support for a windfall tax on the profits of big oil companies.

  • Also states that "President Biden will look at what he can do to bring more oil online, including addressing refinery capacity challenges".
  • There is a proposal backed by 15 House and Senate Democrats to implement a windfall tax, but at present this proposal is gaining little traction. Any windfall tax on oil would be blocked by all 50 GOP senators, and would be unlikely to gain the support of centrist Democrats such as Joe Manchin (D-WV) or Kyrsten Sinema (D-AZ).
  • President Biden has previously indicated his strong reluctance to utilise executive orders, previously stating on a separate issue (gun control) that "I don't want to emulate the previous president's abuse of the constitution'.
  • As such, while WH advisors talking about a windfall levy may garner significant attention, the prospect of the tax being enacted appears slim at present.
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