Tuesday, February 22, 2022

Gas tax

On Morning Joe today they said that Biden is considering canceling the federal gas tax to help consumers faced with higher gas prices. Gas has gone up a buck 20 in the past year and likely to head higher. Removing the tax is much like releasing oil from the reserves in that it has little effect. The federal gas tax is 18 cents per gallon. That will be wiped out in the next few weeks. What is needed is for the US to increase production of oil and natural gas to lower the price of both. This will bring the country back to the position of energy independence that was the case a year ago and allow for increased exports to Europe who will need help if Putin uses energy as a war weapon.

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