Joe Biden, Oil Man

The president’s call for a summer gas-tax holiday is another pro-oil policy that wouldn’t do much to help people.

6/23/2022 12:48:00 PM

President Biden’s call for a summer gas-tax holiday is another pro-oil policy that wouldn’t do much to help people. KevinTDugan writes

The president’s call for a summer gas-tax holiday is another pro-oil policy that wouldn’t do much to help people.

Maybe you don’t care, you’re kinda broke, and you’re just wondering how much in savings you’re looking at. Well, it’s about 18.4 cents a gallon for regular gas and 24.4 cents for diesel fuel. So your typical driver would save $1.84 for every ten gallons. Is it worth it? These taxes pay for the upkeep of roads in the first place — and crumbling infrastructure passes on significantly higher costs for your average consumer.

The good news is that there is a policy shift under way that will end up lowering the price of gas: the tanking of the economy. The Federal Reserve — which is independent of the White House — is in the midst of a historically steep interest-rate-hike regime in order to tame the worst inflation in generations: It just ratcheted up borrowing costs by 0.75 percent last week, the biggest hike in 28 years. And Biden has given Federal Reserve chairman Jerome Powell the political cover to do what he needs to do to tamp down rising prices, which Biden called his “top economic priority.” (Powell noted on Wednesday that interest-rate hikes probably won’t bring down the price of food or gas, though, so good luck with all that).

Read more: New York Magazine »

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Biden calls Chevron CEO ‘mildly sensitive’ after oil exec asks president to change approach to industryPresident Biden on Tuesday said Chevon CEO Mike Wirth was being 'mildly sensitive' when asked to respond to the oil exec's plea to take a different approach. I call biden mildly impacted by dementia Rich coming from a basement dweller that falls of a bike Take the house midterms and then impeach Brandon and Giggle box to save this country. Reverse 230!

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Biden would rather beg Saudis to pump more oil than take on progressives: GOP congressmanRep. Michael Waltz questions the rationale for President Biden's visit to Saudi Arabia and the gulf later in the week amid Americans' struggle with gas prices.

Former Fed President Contradicts Joe Biden: 'Recession Is Inevitable'A recession is “inevitable” despite Biden’s claims to the contrary, former president of the Federal Reserve Bank of New York, Bill Dudley, outlined in Bloomberg on Wednesday. I subscribe to the theory that all economics is cyclic. Government, in a free system or semi-free system like ours, can aggravate or enhance conditions but not control them, We are going to have ups and downs and the economy does not care what party is in power.

Tucker Carlson: Republican leaders are siding with Joe BidenTucker Carlson calls out Republicans for siding with political opponent President Joe Biden and going against their constituents on 'Tucker Carlson Tonight.' TuckerCarlson No they are siding with the American people who want something done about out of control gun violence. TuckerCarlson I honestly believe there are some republicans that had a hand in the 2020 elections. Hopefully we will find out. TuckerCarlson TuckerCarlson again please do something about your hair. How can anyone let you leave your house looking like that.