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U.S. Economic Officials Says Biden Considering Oil & Tax Windfall Tax

A White House economic advisor told a panel on Thursday that the Biden administration is now considering the U.S. congressional proposal that would place a windfall tax on oil and gas as prices at the pumps continue to soar, Reuters reports.

"We are very much open to any proposal that would provide relief to consumers at the pump," National Economic Council deputy director Bharat Ramamurti told a Roosevelt Institute panel, as cited by Reuters.

Ramamurti said the White House was “engaging in conversations” with Congress about a windfall tax, noting there was a “variety of interesting proposals”.   

The National Economic Council official also noted a potential impact on supply if a windfall tax were imposed, though he said he did not see this as an “insurmountable hurdle”, Reuters reported. 

Ramamurti’s comments came just a day after the National Economic Council deputy director told reporters that Biden’s plan to combat inflation included lowering the budget in part by raising taxes on America’s wealthiest and the country’s big businesses. 

“What the president has done and made clear is that we are dedicated to doing everything we can to stop and push back on that Russian aggression, but it’s going to cause pain for American consumers in the short term, and gas prices are one unfortunate example,” Ramamurti told local media. 

On Thursday, the national average for a gallon of gasoline in the United States hit $4.715, up from $4.671 on Wednesday, according to AAA. Brent crude was trading at nearly $118 and WTI at $117. 

Talk of a potential windfall tax in the United States follows a move by Hungary to impose taxes on extra profits for large companies across industries, in order to subsidize consumer energy bills and defense. It also follows an announcement on May 26 that the UK would implement a windfall tax on energy first in the North Sea

By Charles Kennedy for Oilprice.com

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  • K Span on June 02 2022 said:
    Does this mean that he's going to go back in time and pay those of us who lost our shirts when oil went negative during Covid. You can't have it both ways. Lose on your own dime, but get punished when you invested wisely. We invested in Shale when oil was low now we don't get to enjoy the benefits. How much more investment do you expect to happen if you create an environment where you can only lose or break even?
  • Dennis Basco on June 02 2022 said:
    drop the tax off fuel that would help they don't fix the roads anyway
  • Janice McNatt on June 02 2022 said:
    This was done in the 70's during the Carter Administration to "Punish" big oil and their high prices. Please remind our president all it did for 4 years was punish small mineral rights owners usually reducing their income by half since the big oil companies just pass on the tax to mineral owners most which live on a limited income due to generational fractional interests. This does not hurt anyone but small mineral owners usually on limited incomes not oil companies.
  • George Doolittle on June 02 2022 said:
    Hasn&#039;t really helped oil and gas Companies all that much. Will crush demand worse than lockdowns did. Anyhow the Policy of Failed Re-openings followed by higher taxes on everything plus War with China has started by Trump but accelerated by Democrats has obliterated the US polity as deficits looks set to soar again #Ukraine

    Long US Treasuries
    Strong buy
    Maybe #a_bottom in US equities here after 2022 #tech_wreck
  • T G on June 02 2022 said:
    Will be fun to watch their reaction when supply gets cut and prices go up higher.

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