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    HomePoliticsClinton-Era Dem Turns on Biden - Blasts 'Outrageous' Oil Tax Plan, 'Opposite...

    Clinton-Era Dem Turns on Biden – Blasts ‘Outrageous’ Oil Tax Plan, ‘Opposite of Our Objective’

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    President Joe Biden’s proposal to tax the unforeseen gains of large oil firms was attacked on Twitter on Tuesday by former President Bill Clinton’s Treasury Secretary Larry Summers.

    After Exxon Mobil and Chevron reported enormous quarterly earnings on Friday, Biden pledged to work with Congress to tax the “outrageous” profits of oil firms in a speech on Monday. Summers, who also served in the Obama administration, asserted that Biden’s proposal is absurd since it would result in lower industry profits and less investment, which would exacerbate the existing energy constraints.

    “If you reduce profitability, you will discourage investment which is the opposite of our objective,” Summers remarked.

    Following Russia’s invasion of Ukraine, Biden accused oil and gas companies of “war profiteering” and sharply raising fuel prices.

    According to a news release, the American Petroleum Institute, a business association that represents Exxon and Chevron, stated on Monday that the price of energy is determined by the world’s markets and that Biden’s proposal would have the opposite effect of what is intended.

    In February, Summers issued a warning that the $1.9 trillion American Rescue Plan, along with significant coronavirus relief expenditures and lower interest rates, could result in inflation reaching previously unheard-of heights. The Bureau of Labor Statistics reports that the inflation rate increased by 8.2 percent during the previous 12 months.

    The Daily Caller News Foundation’s request for comment from Summers and the White House didn’t immediately receive a response.

    More on this story via The Western Journal

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