While President Biden is under pressure to address the cost of gas, he has two primary options: continue the bandages, or change policy. Gas prices have risen 41% since Putin started the Ukrainian war, and it was on the rise for months prior. The Gas Tax Holiday would save Americans 18 cents per gallon (3%), would do nothing to address the causes, and would eliminate $10 billion in gas taxes supporting our roads. The last time the concept was introduced in 2008, 321 economists opposed it. Perhaps a more appropriate response to the crisis is a collaboration between the oil industry and government to break open American capacity.
Originally posted for the Orlando Sentinel’s Central Florida 100.
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