The article looked at President Biden’s proposed “windfall profits tax” on oil companies following the rise in profits for oil companies at the same time customers are paying more at the pump.
McNamee, a McGuireWoods partner and McGuireWoods Consulting senior advisor, said the idea is potentially disastrous for U.S. energy production and for consumers. “A windfall tax on oil and [natural] gas producers would be catastrophic for the economy, energy production and consumers.”
McNamee, a former commissioner on the Federal Energy Regulatory Commission, noted that possible negative repercussions include a decrease in investment in oil necessary for increasing production. “A windfall tax will be yet another disincentive against energy producers to expand their business,” McNamee said.