• President Biden already has one vocal critic of his windfall profits tax plan on oil companies: Larry Summers, who was President Bill Clinton’s Treasury Secretary.
• Biden threatened to tax the “outrageous” profits reported by energy producers in a speech this week.
• That prompted Summers to respond on Twitter: “If you reduce profitability, you will discourage investment which is the opposite of our objective. If it is a fairness argument, I don’t quite follow the logic since even with the windfalls Exxon has underperformed the overall market over the last 5 years.”

Tagged: #Bidenflation