Joe Biden, the current mentally infirm occupant of the White House (we still are not sure who is making the decisions, but it is likely a combo of his chief of staff and Obama), is going to tax the oil companies to give us lower gas prices.
I would think he's not that stupid, but yes, he is. Or he could simply not understand what he's saying. The dementia has really progressed in him and he may just be reading what's on a card some other idiot wrote for him. But let's look at what this genius said:
In the wake of scorching inflation and Russia’s war in Ukraine, major gas companies like Chevron and Exxon Mobil are raking in profits. And it’s got President Joe Biden hot under the collar.
“Record profits today are not because they’re doing something new or innovative. The profits are a windfall of war,” Biden said in remarks at the White House on Monday, accompanied by Treasury Secretary Janet Yellen and Energy Secretary Jennifer Granholm.
With gas prices still elevated, and an expensive winter ahead, Biden says he’s ready to force these oil companies to act — but while his words for these companies may be strong, he may not have the power to back them up.
Biden doesn’t mince his words
Biden has been waging a battle with oil companies over the last few weeks, but he escalated it Monday when he called on them to “act beyond their narrow self-interest,” to “invest in America by increasing production and refining capacity” on behalf of “their consumers, their community and their country.”
And if they don’t? Biden warns they’re going to face “a higher tax on their excess profits and … higher restrictions.”
The president didn’t elaborate on what those restrictions might be, but promised his administration would work with Congress to evaluate all the available options....
Got it. He will simply tax their windfall profits and spend it on...whatever he wants to.
Now this reporter seems to be missing something. Joe Biden (hell, Democrats in general) have been at war with American energy for years. One day one of is administration, Biden cancelled Keystone XL, banned all new leases for oil, had his energy department stop issuing licenses for oil drilling (you can't drill on a leased area without a license). He is openly talking about putting energy companies out of business, so this is limiting the supply of oil.
If you make something difficult to produce, it will limit the supply. You limit supply relative to demand (fixed or increasing), that will cause the price to rise. So oil companies are making more money per unit of supply (i.e. barrel of oil), and more profit. And who do the oil companies thank, and American people should blame? Joe Biden.
Basically what Biden has told Big Oil is, "Drill for five years, keep prices low through the 2024/2026 elections, and after that, I'll put you out of business..." Not exactly encouraging to producers to come on line. But it's not like we haven't seen this movie before.
In the Carter years, he put a "Windfall Profits Tax" on oil companies. The smart people would use that to fund "alternative energy" to end our consumption of oil, and we would be free of oil (what we would use plastic, rubber, jet fuel is still not determined). And guess what? Oil companies slowed production, and why not? There is no reason to produce more if the profit will be stolen immediately by people who did nothing to produce it.
In January 1981, the finest president of my lifetime was inaugurated. In one of the first acts of his administration, Ronald Reagan deregulated the oil market, and oil prices did rise for the first six months or so. And by the summer of 1981, prices started to drop as more oil was brought up on the market. Capitalism, works every time it's used.
But that doesn't seem to concern this petulant man-child (Second one of these to hold the presidency. Democrat of course.) Amazes me how unaccomplished he is yet he treats others like children. Remember how he was upset people were not taking the Covid shot:
“We’ve been patient,” Mr. Biden said in a sharp message to those who refuse to be vaccinated. “But our patience is wearing thin. And your refusal has cost all of us.”
Hey, Little Joey, remember, my body, my choice, or something like that?
It scares me that this demented idiot served as assassination insurance for Barrack Obama, and he now had another idiot serving the same purpose. God help us, hopefully the GOP takes thee congress and starts opening drilling again.
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