The president of the United States is urging these companies and gas companies to cut prices to help consumers as Republicans gain ground ahead of Tuesday’s parliamentary election
US President Joe Biden has threatened oil and gas companies with new taxes, saying they are taking advantage of the war in Ukraine by making snap profits and not trying to cut gas prices. This was stated yesterday during a White House appearance with Treasury Secretary Janet Yellen and Chief of Energy Jennifer Granholm.
The US president specifically accused the gas and oil companies of having an “unexpected profit from the war”, rewarding their shareholders. “It’s time for these companies to stop speculating about the war,” he stressed.
Biden urged such companies to cut prices to help consumers. “If they don’t, they will pay higher taxes on their excess income and face other restrictions. It’s time for them to fulfill their responsibilities in this country,” he warned.
The White House chief’s message came the same day that polls warned of a likely Republican “red wave” that would leave Biden’s Democrats without their slim majority in the 435-seat House of Representatives. It is more uncertain what could happen in the Senate in next Tuesday’s parliamentary election, which extends a third of 100 seats.
The economy is the biggest burden on the Democratic Party in this election, which also elects some thirty state governors. Annual inflation of 8.2% has supplanted abortion rights as a voter priority, forcing the Biden party to reframe its latest posts to say Americans will save money by voting for them.
Meanwhile, Republicans are focusing on urban violence, an issue that has brought them gains in some swing states, i.e. those whose vote oscillates between one party and another. They accuse the Democrats of being soft on crime.
Source: La Verdad
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