Biden Windfall Tax

hindkunj.com

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US President Joe Biden called on the oil company to ramp up production to help lower gas prices because of windfall profits.

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The Biden administration slammed Exxon for making "more money than God."

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Biden deserves a fair return for his work at energy companies, but given the profits this time around, he said "it's so high, it's hard to believe."

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ExxonMobil, Chevron, Shell and Total Energies, the company that delivered $100 billion in profit to shareholders this year in buybacks and dividends, are the main players.

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Benchmark US crude oil futures are up nearly 16% so far this year, while international benchmark Brent crude oil futures are up nearly 22% over the same period.

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Ben van Burden, CEO of UK-based Shell, agreed, saying energy companies should pay higher taxes.

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ExxonMobil CEO Woods said, "Indeed, knowing how much our dividend is trusted by so many families, and with this confidence we have increased our annual dividend for 40 years in a row."

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Biden Windfall Tax 

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