Biden backs windfall tax on oil sector: Update

Contributing sentiments towards policy:

49% : The remarks come at a time when oil companies worried the administration might take dramatic steps to try to lower gasoline prices before the midterm elections on 8 November.
44% : The idea of endorsing more aggressive actions against the oil industry has appeal among Democrats, who are struggling among voters frustrated by high inflation rates and this year's spike in gasoline prices.
41% : "Increasing taxes on American energy discourages investment in new production, which is the exact opposite of what is needed," American Petroleum Institute.
34% : President Joe Biden said he would work with lawmakers to tax "excess profits" of oil companies he says are profiteering from Russia's war in Ukraine, unless they take additional steps to bring down fuel costs for consumers.
19% : But while Biden criticized the oil industry, he did not announce any immediate executive actions or offer specifics on how he wanted to tax the oil industry.
16% : Oil industry groups say Biden should be trying to address the supply-demand imbalance that has caused fuel prices to increase, rather than trying to raise taxes on oil companies.
13% : Biden in recent months has repeatedly criticized oil companies for what he sees as excessive profit-taking.

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