Biden Planning New Taxes on Energy Industry

Since Joe Biden got into the White House, the energy industry has suffered tremendously. Biden shut down Keystone XL pipeline, prevented energy leases from going through, sabotaged drilling work, and otherwise damaged energy independence.

The president is largely doing this in the name of climate change. In spite of this, Americans’ lives have gotten objectively worse since the president’s actions against the energy industry.

Gas prices are rising. It’s costing more and more money for folks to heat their homes. In spite of all this, the president is still preparing to further raise taxes on energy companies, as The Hill documents.

These companies will therefore have no choice but to pass the costs down to consumers, leading to even higher costs for gas, heating homes during the winter, etc.

Horrible Plans Ahead

According to officials within the Biden administration, the president is, in fact, preparing to press for oil companies to be subjected to various business limitations and tax penalties. Biden’s mechanism to make this happen is via Congress.

The president’s plans to do this are rooted in the misguided belief that oil companies are intentionally price gouging. Biden alleges these businesses are making record profits. Though what he’s not mentioning is these companies are being eaten alive by inflation.

To many Americans, it’s unfortunate that Biden is willing to put his radical climate change agenda above the best interests of the country.

Pushback From Oil Companies

The Independent Petroleum Association of America is one of the first groups to speak out against what the president has planned for oil companies.

In calling out the president, the association said he’s “playing games” as the midterm elections wrap up.

The Independent Petroleum Association of America likewise said Biden should drop his “deeply flawed” stunts and instead prioritize domestic oil, along with energy workers, so that more energy can be supplied here at home.

On social media, the president has been slammed by Republicans who warn what he’s planning will only make life worse for Americans. The continued attacks from Biden on domestic oil production are only ensuring current economic troubles are harder to come out of.

It’s stunts like this that are all the more reason why so many Americans are siding with Republicans over Democrats when it comes to fixing the economy.

If Biden goes through with this plan to raise taxes on oil companies, he will undoubtedly justify it, despite the fallout Americans will face.

What do you think about Joe Biden planning to raise taxes and penalties on oil companies, despite the massive damage that’s already been done to energy independence in this country?

In the comments area below, feel free to weigh in with your thoughts and feedback on this issue.