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US President Joe Biden: "The oil industry has a choice"
Photo: Alex Brandon/AP
Midterm elections will be held in the United States next week.
A few days before the election, President Joe Biden brought the introduction of an excess profit tax for oil companies into play.
“The oil industry has a choice.
Either it invests in America by lowering consumer prices at the pump and increasing manufacturing and refining capacity.
Or they pay a higher tax on their excessive profits and face further restrictions,” Biden said in Washington.
Biden added that those who make profits as high as the energy industry have a responsibility to act in the interests of consumers, society and the country.
His team will work with Congress to explore options.
Biden's Democrats want to defend their majorities in the House of Representatives and Senate in next week's congressional elections.
However, they are under pressure because of the comparatively high petrol prices.
An excess profit tax, i.e. an additional levy on sharply increased corporate profits as a result of higher oil prices, should have little chance of success in Congress, even if the Democrats narrowly win the election.
The big oil companies like Chevron and Exxon had recently made record profits because of the high energy prices.
An excess profit tax is also repeatedly brought up for discussion in Germany, above all by politicians from the SPD and the Greens.
However, their traffic light partner FDP has always made it clear that such plans have no chance of success in the coalition.
wal/dpa/Reuters