Biden Responds to Skyrocketing Gas Prices By Vowing to Raise Taxes on Oil Companies

C. Douglas Golden July 9, 2021

On Thursday, CNN Business’ Matt Egan wrote that “President Joe Biden is being attacked for $3 gasoline. But the truth is the White House isn’t to blame for high gas prices — and has few options to lower them.”

The reasons for the seven-year high in gas prices, he claimed, were all the empty highways and planes last year during the pandemic. Gas was cheap and there was no demand to drill for it. Now, high vaccination rates mean people are back on the roads and in the skies.

“The problem is that supply is having a hard time catching up. And Biden doesn’t have a magic wand to fix that overnight,” Egan wrote..............“One provision, the intangible drilling cost deduction, would require oil and gas companies to pay more taxes on wells. Another, the Superfund excise tax, adds a tax to every barrel of crude oil that companies produce, in order to fund cleanups of Superfund sites.”..........

Biden labors under the misapprehension that this is going to be passed on to the executives at Exxon.

He, like many Democrats, hears a hypothetical ExxonMobil tycoon in a top hat and monocle rasping: 

“Biden’s finally put an end to the gravy train. I’m going to have to hold off on the yachts for the next few years.” 

Then our hypothetical executive lights his Dunhill with a $20 bill instead of his usual $100............To Read More....