Pelosi refused to endorse the move.
President Joe Biden wants to pause the federal gas tax for three months. Supposedly we will save $1 on a gallon of gas.
Considering non-ethanol gas in Oklahoma is at $4.99 I’ll only pay $3.99! Yay? (Honestly, I shouldn’t complain after being in the northeast for over a week.)
Putin’s price hike, you guys. The White House mentions that in the first line of the press release. It’s precious that he thinks we still believe that lie.
But Biden wants Congress to suspend the tax:
Right now, the federal government charges an 18 cent tax per gallon of gasoline and a 24 cent tax per gallon of diesel. Those taxes fund critical highways and public transportation, through the Highway Trust Fund. But in this unique moment, with gas prices near $5 a gallon on average across the country, President Biden is calling on Congress to suspend the gas tax for three months – until the end of September – to give Americans a little extra breathing room as they deal with the effects of Putin’s war in Ukraine.
The President is also calling on Congress to make sure that a gas tax holiday has no negative effect on the Highway Trust Fund. With our deficit already down by a historic $1.6 trillion this year, the President believes that we can afford to suspend the gas tax to help consumers while using other revenues to make the Highway Trust Fund whole for the roughly $10 billion cost. This is consistent with legislation proposed in the Senate and the House to advance a responsible gas tax holiday.
How about we get rid of the tax and appeal the 16th Amendment while we’re at it? Taxes suck.
Anyway! I’ll get to the Highway Trust Fund later. The national average is around $5.016 per gallon. It could hit $6 by the end of summer. We’re paying $300-$400 a month on gas. Maybe even more!
Biden has tried to blame everyone and everything on the high gas prices. I guess this is the last resort because Democrats have a history of laughing off the suspension of the gas tax:
Democrats have long mocked the idea of a gas tax holiday. In 2008, running against John McCain, Barack Obama dismissed it as a political “gimmick.” Speaker Nancy Pelosi sniffed at the idea this spring, and on Wednesday she refused to endorse it. She has claimed oil companies wouldn’t pass the relief to consumers, and Treasury Secretary Janet Yellen has echoed that view.
Pelosi said on Wednesday: “We will see where the consensus lies on a path forward for the President’s proposal in the House and the Senate, building on the strong bills to lower prices at the pump already passed by House Democrats including the Consumer Fuel Price Gouging Prevention Act and the Lower Food and Fuel Costs Act.”
Rep. Richard Neal (D-MA) wants to make sure the oil companies would pass the relief to the consumer and not pocket it: “The challenge on the gas tax is: Is the savings really going to flow to the consumer? Or is it going to be pocketed by the oil companies? Those are legitimate questions.”
Fox News Auto did all the math for us. How much would you actually save if the tax goes away for three months? Not much.
Ford F-150: $35.50
Toyota RAV4: $23.00
Toyota Camry: $21.60
Toyota Highlander: $28.75
Honda Civic: $19.10
Chevy Tahoe: $40.59
But Biden and the federal government won’t cut any red tape. He concentrates on solar panels rather than giving the oil companies more freedom. It has nothing to do with Putin:
In recent months, a shortage of refining capacity has been driving up gasoline prices. Mr. Biden ordered U.S. refiners last week to come up with short-term solutions to increase capacity—or else. But Mr. Biden won’t take regulatory steps to ease the refinery shortage such as reducing renewable fuel mandates. He also won’t issue a waiver to the Jones Act for transporting fuels. He refuses to take any action that would challenge the climate lobby.
One result is that LyondellBasell can’t find a buyer for its aging Gulf Coast refinery, notwithstanding the industry’s current hefty profits. The refinery plans to shut down by the end of next year, which could push up gasoline prices even more. Mr. Biden could help lure a buyer by suspending all policies aimed at punishing fossil fuels, but he won’t.
Also, this not the time “for profiteering,” you evil oil companies! Give me a break. They cannot make a product without profits.
It will also bite us plebes in the butt because if Congress doesn’t take money from the Highway Trust Fund they “would have to deficit spend or find revenue somewhere else.” That means…taxes elsewhere.
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