In a press briefing this week, President Biden accused oil companies of ‘war profiteering’ and warned of his intention to levy a windfall profits tax in hopes of increasing production and lowering prices. While Pres. Biden did not offer any specifics beyond promising to meet with lawmakers once Congress is back in session after the
Read More...Calling all fact checkers. In a “Twitter Spaces” conversation on Tuesday, Sen. Sheldon Whitehouse (D-R.I.) and Rep. Ro Khanna (D-Calif.) pushed blatantly false and easily debunked claims about oil and gasoline prices and a windfall profits tax in yet another attempt to undermine the American energy industry. The conversation comes a day after President Biden
Read More...The irony is lost on Calif. Gov. Gavin Newsom (D), who is now calling for a windfall profits tax in the wake of high gasoline prices after spending much of the past two years seeking to shut down oil production in the state. Newsom posted a video to Twitter, stating: “Gas prices in California have
Read More...Leading economists continue to shut down claims that a windfall profit tax on oil and natural gas producers would lower energy prices and ease inflation. Last week, domestic oil and natural gas companies reported record quarterly earnings, but as Energy In Depth noted, these financial results are the byproducts of high oil prices, which are
Read More...This week, major oil and natural gas companies will announce what is expected to be record high earnings for the second quarter, just two years after experiencing historic losses, demonstrating yet again that the industry is defined by highs and lows that require big picture strategic planning to build a sustainable energy sector. The second
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