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Biden threatens higher taxes on oil companies if they do not work to lower gas prices
Great idea, President Brandon! Add more costs to the oil industry–I’m sure that will definitely encourage more drilling and energy industry investment! 👍 Never mind the fact that almost all oil-related companies were pushed to be the brink of bankruptcy by government Covid lockdowns. Never mind that current profit numbers ignore years of deep losses during the initial years of oil exploration & drilling. Never mind most of these companies will lose money during the next recession. What do you think will happen to the price of gas if a new tax is added? Oh, I forgot, companies only add taxes to consumer prices if Trump is in office. 🙄
This is yet another example of how numbers can be manipulated by slimy, divisive leaders for political gain. Here’s an example of what these evil oil companies have gone through the past few years:
Windfall taxes are the overly simplistic solution that is popular with people who have no concept of running a business–i.e. communists, 8-year-olds, and MSNBC watchers. The fact that Treasury Secretary Janet Yellen and Energy Secretary Jennifer Granholm can sit in the background while Biden peddles this garbage and misdirects blame for his failed energy policies shows they’re nothing but mindless Ruling Class tools.
I personally have helped create software to assist energy companies in filing their taxes. The compliance costs and fees imposed at both the federal and state levels are ridiculous. Everything is tracked & taxed in an oil transaction–buyers, sellers, carriers, origins, destinations, and so much more. Companies will often direct their truckers to take a longer diversive path to avoid passing through a state, lest they incur additional taxes for that state. It’s amazing how cheap energy could be if governments weren’t involved. It’s doubtful Biden could get a windfall tax through Congress, but even actions not taken drive prices up. Why? If you’re a business that is considering a new exploration or drilling project, why take the risk? There are better ways to invest your money when if by a long shot you do make a lot of profit from your project, the government will just seize your money. Result: oil supply stays suppressed, and we’re forced to rely on foreign sources.
But don’t blame President Select Brandon — it’s Putin’s fault…and OPEC’s fault….and those eeeeeeeeeeeevil war-profiteering oil companies!
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