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wow a whole 18.6 cents per gallon!!! let’s just continue adding fuel to the inflation fire as a political ploy. I just hope the WH makes an instagram post about it similar to last year’s July 4th hotdog savings.
Lower cost gasoline = more consumption (demand). Oil refiners are maxed-out and cannot produce more (fixed supply). Greater gasoline demand with fixed gasoline supply = higher gas prices.
Yep. It seems the gov’t isn’t familiar with the tenets of basic economics. The solution is to decrease demand, through e.g. expanding mass transit, incentivizing free transit, providing rebates for e-bikes, etc. not artificially driving up demand by eliminating the gas tax (and also leaving less money for the highway trust fund)
In 2008 when gas prices soared. Obama was confronted with the same pressure to propose a tax holiday. Obama took hits when he called it a gimmick. Biden’s been around the block a time or two. I’m sure he knows it’s silly, but with approval ratings in the tank, it might be worth the Hail Mary. Additionally, whatever holiday we take now, has to be paid back later at some point. Roads don’t fix themselves.
Sorry but I do not think that an $.184 decrease in the cost of gasoline at $5.25/gallon is going to equal more consumption (demand). People now are choosing between gas, food, and medicines…so they won’t just eat it up in more consumption. This is NOT a supply/demand issue. As far as oil refiners being maxed-out and not able to produce more, this statement is opposite to what I have heard in interviews with C-suite level people at BP Gas and Pilot.
This “tax holiday” is simply pandering, making some feel like Uncle Sam is “taking care” of us.
Provide gas cards to stations that lower their prices.
Actually it is a gimmick, intended to buy votes. The average American uses 54 gallons of gas per month. 3 months of relief is 162 gallons x $0.184 federal gas tax = $29.81. I’ll take it, but that is not going to create any significant amount of “breathing room” for people hammered by inflation all around. The administration is counting on low information voters not being able to do the math.