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Biden threatened to raise taxes on big oil. Climate activists have wanted that for years
(Inside Climate News, 1 Nov 2022) President Joe Biden on Monday threatened to pursue new legislation that would tax the windfall profits made by fossil fuel companies this year if they don’t ramp up production to help bring down the historically-high energy costs being felt by everyday Americans.
While Biden’s announcement primarily took aim at inflation, which polls suggest is the biggest issue threatening Democrats in the next week’s midterm elections, activists have long called on taxing the fossil fuel industry to help pay for efforts to address climate change, close environmental justice disparities and accelerate the clean energy transition.
Annual inflation in the United States remains near a 40-year high, hitting 8.2 percent last month, according to the Bureau of Labor Statistics. And economists broadly agree that the Russian war in Ukraine, which has upended global energy geopolitics, continues to play an outsized role in the historic inflation plaguing much of the world.
That has translated to higher prices on any number of goods and services for Americans, who have struggled with exorbitantly expensive gasoline in recent months. While the national average for a gallon of gas has fallen to $3.76, back in June it hit a record-high of $5.01 per gallon, according to AAA.
Inside Climate News, 1 Nov 2022: Biden threatened to raise taxes on big oil. Climate activists have wanted that for years
