Congressman Doug LaMalfa responded to President Biden’s proposed windfall tax on energy producers:
“Piling on more taxes does not lower the cost of the final product,” LaMalfa said. “Every dollar the Biden Administration taxes producers of our essential industries, like energy, is paid for by consumers. If the Biden Administration really cared about American energy consumers and actually wanted to drop costs, they would end the federal freeze on oil and gas leases, expedite approval of new pipeline and refinery development so that every permit that gets approved can begin work, and stop the regulatory assault on U.S. energy development and financing.”
This comes as President Biden raised the possibility of imposing a windfall tax on energy companies if they don’t boost domestic production. The national average price for a gallon of gas hit a record high in June 2022 at $5.016. Meanwhile California, which has the highest gas prices in the nation, hit a record high of $6.438 in June 2022. While prices have dropped somewhat lately and sit at $5.566 today, adding additional taxes will push it right back up. On this day last year, the average price for a gallon of gas in California was $4.601.
