'The price gouging from Big Oil is unacceptable and that's exactly why we need a Big Oil Windfall Profits Tax—the most simple first step to stop this profiteering and deliver immediate relief to working people.'
at the White House to scold fossil fuel companies for raking in huge profits at the expense of U.S. consumers, who are being gashed by high prices at the pump. But instead of calling for a specific policy solution that would force the industry's hand, Biden asked oil companies to voluntarily stop padding their bottom lines and instead"pass the savings on to consumers.
""So far, American oil companies are using that windfall, the windfall of profits, to buy back their own stock, passing that money on to their shareholders, not to consumers," the president said."When the cost of oil comes down, we should see the price at the gas station, at the pump, come down as well. That's how it's supposed to work. But that's not what's happening." The president's latest energy address marked a continuation of his approach to countering fossil fuel industry profiteering thus far, one that has focused more on to do what's best for consumers than aggressively pursuing legislative and executive action to compel fossil fuel giants to constrain prices.
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