President Biden on Monday warned that oil companies would face a “higher tax” on their excess profits if they don’t reinvest in increasing production to bring down prices at the pump.
Source: Biden threatens oil companies with ‘higher tax’ if they don’t increase production | The Hill
President Biden previously stopped programs by the oil industry to increase production:
- Biden shut down the Keystone XL pipeline. Here’s what that means for climate and Big Oil. – Vox
- Climate change: Biden suspends oil and gas leasing in executive action (cnbc.com)
- Biden administration halts oil drilling in Alaska wildlife refuge (yahoo.com)
- U.S. government to end gas-powered vehicle purchases by 2035 under Biden order | Reuters
There seem to be numerous Federal incentives not to invest in increasing oil production.
Further, there’s basic economics – Lawrence Summers, former Secretary of the Treasury under President Clinton:
