Nov 11, 2022
Bernard McNamee Quoted in Infrastructure Investor on Potential Impact of ‘Windfall Profits Tax’
On November 3, 2022, Bernard L. McNamee, McGuireWoods partner and McGuireWoods Consulting senior advisor, was quoted in Infrastructure Investor magazine in an article titled “Would a US energy windfall tax be ‘catastrophic’?”
The article looks at President Biden’s threat to impose a “windfall profits tax” on oil companies following the rise in profits for oil companies at the same time as customers are paying more at the pump.
McNamee, a former Commissioner on the Federal Energy Regulatory Commission (FERC), criticized the idea as potentially disastrous for US 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 noted that among the 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.