WH Weighing “Ineffective, Goofy” Policy to Deal with Gas Price Surge
by Will
about an hour ago
If you were told to describe Biden and his policies and a few words, while there are certainly some four-letter words that you’d want to say, “ineffective” and “goofy” are probably ones that would pop up somewhere on your list.
Well, those are exactly the words that Larry Summers, an economist who worked for the Obama Administration, used to describe the “gas tax holiday” that’s being floated in D.C. as a way to alleviate the gas price problem that’s gradually turning into a crisis.
As background, the price of crude oil for the US breached $90 a barrel and holding at that punishing level. Between Biden’s warmongering with Russia, which isn’t exactly a stimulant for international trade and energy production, and his anti-energy policies, some analysts are claiming that the price is not only likely going to stay there, but could breach the $100 mark and perhaps even hit $120.
What that means for the average American consumer is $4 a gallon gas prices, if not higher. While Californians and others stuck in blue cesspools might be used to those punishing prices, average Americans aren’t.
So, Democrats in Congress and officials inside the Biden White House are reportedly mulling a temporary “federal gas tax holiday” to alleviate some of the price pressure and hide the price increase until the price of crude decreases.
The federal gas tax is only about eighteen cents a gallon, however, so there’s a limited amount of pain they could hide as the price per gallon skyrockets. For example, the current average price is, according to ZeroHedge, somewhere in the neighborhood of $3.48. If the price per gallon hits $4, temporarily canceling the 18 cent gas tax wouldn’t even cover half of that increase.
more
https://trendingpolitics.com/wh-weighing-ineffective-goofy-policy-to-deal-with-gas-price-surge/
