Windfall Tax for US Oil, Gas Firms Isn’t on the Table: Hochstein

Joe Biden’s administration is not considering a windfall tax for US oil and gas producers, according to Amos Hochstein, the White House’s special envoy for energy security.

Still, the government won’t rule out such a move in future, Hochstein said at a conference in Abu Dhabi.

Biden has criticized energy firms for their high profits, especially since the global economy rebounded from the coronavirus pandemic and sent oil and gas prices surging. Exxon Mobil Corp. “made more money than God” in 2021, Biden said in June.

The UK is among countries to recently impose a windfall ...