Inflationary Gas Tax Gimmick Won’t Hide Democrats’ Policy Failures
‘This morning, the Biden Administration announced another ineffective stunt to mask the effects of Democrats’ war on affordable American energy: Calling for a holiday in the federal gas tax… I have a better idea: Democrats could stop setting off inflationary spirals, stop proposing massive tax hikes on the brink of a recession, stop waging a holy war against American fossil fuels, and stop applauding the pain that working families are feeling as part of some grand left-wing ‘transition.’’
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the gas tax gimmick:
“This morning, the Biden Administration announced another ineffective stunt to mask the effects of Democrats’ war on affordable American energy: Calling for a holiday in the federal gas tax.
“This ineffective stunt will join President Biden’s other ineffective stunt on gas prices: emptying out the Strategic Petroleum Reserve that we need in the event of a true national security crisis, not just a Democrat-fueled inflation crisis.
“This ineffective Administration’s big new idea is a silly proposal that senior members of their own party have already shot down in advance.
“Earlier this year, Speaker Pelosi said President Biden’s idea, ‘[wouldn’t] even [be] going to the consumers.’ She called it, ‘very showbiz.’
“Larry Summers, top economist to multiple Democratic presidents, said the idea would be, ‘shortsighted, ineffective, goofy, and gimmicky.’
“Jason Furman, President Obama’s former head of the Council of Economic Advisors, said just yesterday, ‘Whatever you thought of the merits of a gas tax holiday in February it is a worse idea now… a gas tax holiday would also add to inflation.’
“Back in 2008, then-candidate Obama called the idea, ‘a gimmick that would save you half a tank of gas over the course of the entire summer so that everyone in Washington can pat themselves on the back and say they did something.’
“A recent study of past gas tax holidays found that less than 20% of the amount ends up lowering actual prices at the pump. In other words, lifting the 18.4 cent gas tax would mean lowering Americans’ gas prices by just 3 or 4 cents.
“The price of gas has risen $2.60 since the Biden Administration took office and launched its holy war on affordable American energy. There had already been a substantial increase before the conflict in Ukraine escalated.
“Now the President wants to trim 3 cents off the top and take a bow? I don’t think so.
“Tomorrow, Secretary Granholm will continue the empty theater by holding an, ‘emergency meeting’ with domestic energy refiners. Presumably this will involve another left-wing browbeating like the accusatory letter President Biden sent to domestic producers last week.
“The same Administration that hasn’t awarded a single offshore energy lease…
“Hasn’t offered an onshore lease sale in five straight quarters…
“And has taken every opportunity to slow-walk new energy infrastructure into submission…
“Appears to have found a convenient scapegoat for the consequences of its own actions.
“I have a better idea:
“Democrats could stop setting off inflationary spirals, stop proposing massive tax hikes on the brink of a recession, stop waging a holy war against American fossil fuels, and stop applauding the pain that working families are feeling as part of some grand left-wing ‘transition.’”
Related Issues: Energy, Economy, Inflation, Senate Democrats