Biden and his climate zealots have declared war on the gas and oil industry
By doing so, they put our country on a path toward ruin, less freedom, and much lower standards of living. A progressive dystopia.
Biden is threatening a windfall tax on energy companies, after he slanders them for 'war profiteering.' Why invest when the government has declared war on the oil and gas industry.
"The oil industry has not met its commitment to invest in America and support the American people," he said Monday, according to a White House transcript. He said energy companies will have to boost output and refining capacity or face the consequences.
The Biden administration has focused on gas prices and energy giants' profits in the buildup to crucial midterm elections on November 8. Even before oil and gas companies reported bumper third-quarter earnings, the president slammed Exxon for making "more money than God". That profit comes after a decade of below capital cost returns. It takes years to plan and invest in production, so why invest when the government wants to put you out of business.
Biden said energy companies are entitled to a fair return for work or innovation, but the profits this time are "so high, it's hard to believe." "Oil companies' record profits today are not because they're doing something new or innovative. Their profits are a windfall of war — the windfall from the brutal conflict that's ravaging Ukraine and hurting tens of millions of people around the globe."
Windfall taxes do not work. This is third world policy making. They increase the cost of production, and the higher costs are paid by the consumer and employees. The higher the cost of capital, the lower the production output and the higher the prices. Old Joe is pandering to his base with no realistic path forward, this is especially true if the Republican gain control of Congress.
They continue to demonize executives with the tired and false "greed" smear. It’s better for these companies to pay out free cash flow to shareholders. Biden and his administration provide zero incentive for US oil companies to increase capex and production up and above a sustainable level, so they are in a sense, harvesting the business.
Shareholders take the extra cash and invest in other more higher growth investments, which in turn increases economic growth and job creation. Lower oil production, the result of less investment, results in higher energy costs which do the opposite.
Increasing dividends and share repurchases are good for America and our citizen's prosperity. Capital will always flow to its best and most productive use, and this is why markets are critical to our economic system. It's called capitalism.
Biden doesn't understand markets or how the real economy works. Nor do the progressive handlers that write the false narratives he parrots. They prefer big government socialism because they can buy votes and remain in power. By doing so, they put our country on a path toward ruin, less freedom, and much lower standards of living. A progressive dystopia.
most have never had a job outside of government.
Not one energy savvy person amongst them