RE:U.S. Economic Officials Says Biden Considering Oil & Tax WinThe headlines are coming fast and furious. First it was WSJ with the story about Russia exemption, then FT yesterday about SA and now this. Interestingly, the other country which has "proposed" a windfall tax on their O&G companies is UK. First of all, this will not be possible to pass in the US Senate and Congress, as they themselves admit, there is resistance within the Democrats for such a step. Secondly, this will not bring Oil prices down as rebates will go back to the oil companies via people paying at the pump. It's like taking out from one side and putting back in the other. On the contrary, it will send a negative message to oil and gas sector by painting them as the villains once again. Where was Biden when these bloated tech companies were making obscene profits via subsidies from the government and part of their woke SRI schemes. I will love to see the oil lobby dragging these woke idiots to court for what is clearly a negatively biased treatment for this industry. Old Joe needs to wake up and see why his policies are not working. Anyone with an iota of common sense can see what has gone wrong. But Wokeism and Common Sense don't get along. Lol
Quietinvestor wrote: https://oilprice.com/Latest-Energy-News/World-News/US-Economic-Officials-Says-Biden-Considering-Oil-Tax-Windfall-Tax.html