Clinton Treasury Secretary Criticizes Biden for His Warning of Windfall Tax on Oil Companies
Former President Bill Clinton’s Treasury Secretary Larry Summers is taking issue with President Joe Biden’s windfall oil tax plan warning. “I’m not sure understand the argument for a windfall profits tax on energy…
Former President Bill Clinton’s Treasury Secretary Larry Summers is taking issue with President Joe Biden’swindfall oil tax plan warning.
“I’m not sure understand the argument for a windfall profits tax on energy companies. If you reduce profitability, you will discourage investment which is the opposite of our objective,” Summers tweeted on Tuesday.
He added, “If it is a fairness argument, I don’t quite follow the logic since even with the windfalls Exxon has underperformed the overall market over the last 5 years.”
On Monday, Biden lashed out at the major Oil companies while speaking to reporters after they reported an increase in profits.
The president warned the companies to use the money to increase the supply in Oil or return it to consumers through price reductions.
“If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions,” Biden said.