President Biden, expressing frustration over oil and gas companies' record-high profits while consumers face skyrocketing costs, has threatened that companies will pay higher taxes if things don't change.
"My team will work with Congress to look at these options that are available to us and others," he said during a public address Monday afternoon. "It's time for these companies to stop for profit tyranny, meet their responsibilities in this country and give the American people a break and still do very well."
The news comes just a week out from a crucial midterm election battle that could determine the second half of Biden's tenure in office. If Republicans gain control of the House and/or Senate, it could effectively halt efforts on any meaningful priorities for the White House.
Gas prices hit record highs over the summer — topping $5 per gallon in June. Average prices have hovered around $4 per gallon in the months since.
The strain at the pump is considered a key issue for voters, along with eye-popping inflation.
“One by one major oil companies have reported record profits," Biden said. "I mean profits so high it’s hard to believe.”
While it may work as a good election message, realistically a new tax on oil and gas companies would be unlikely to pass Congress, where it would need support from at least 10 Republicans in the Senate.
Read more about Biden's plan here.
