Joe Biden is desperate and now he is reaching for straws.
He has been unable to do anything to offset the rising costs of gasoline.
Every excuse he has given has been widely debunked.
Now, he is resorting to a measure once called a “gimmick” by his buddy Barack Obama.
Will It Work?
There have been several measures put on the table, almost none of them of which will be effective.
Reports surfaced this weekend that Biden was considering a gasoline rebate for Americans.
You would think he would have learned his lesson on sending out checks and how that impacts the economy.
Now reports are surfacing that Biden will ask Congress for a three-month hiatus on the federal gas tax.
The money from this tax is what funds the Highway Trust Fund, which was addressed by an administration official when the rumors started to fly.
The official stated, “I want to be very clear, the president is calling on Congress to take this step to help American families without harming the Highway Trust Fund, which is funded by these taxes.”
Biden is also expected to attempt to get gasoline taxes suspended at the local levels.
The administration official stated, “[Biden] believes that states, oil companies and retailers have a responsibility in this unique moment – to do their part to ameliorate Putin’s price hike.
“He’s calling on states to suspend their gas taxes or else find other ways to deliver the same relief, such as consumer rebates or relief payments.”
It is comical that they are still pushing the “Putin’s price hike” angle, a narrative that industry experts and economists have obliterated.
The official also pushed one more debunked narrative, stating, “He is also calling on the industry to put its record profits to work and step up with more supply and more refining capacity to bring down gas prices and specifically calling for major oil refineries to come to the table with concrete solutions when the secretary of energy convenes them later this week.”
Again, gasoline companies are already maxed out in terms of refining oil for gasoline, but they just do not have the supply.
Chevron CEO Michael Wirth has openly blasted Biden for continuing to push this narrative while begging the gasoline industry for help.
He stated that his company is working hard every day to “help provide the world with the energy it demands and to lift up the lives of billions of people who rely on these supplies.”
Wirth then added, “Notwithstanding these efforts, your Administration has largely sought to criticize, and at times vilify, our industry.
“These actions are not beneficial to meeting the challenges we face and are not what the American people deserve.”
There are more than a few industry experts that believe that while this may offer a temporary pause in rising gasoline prices, eventually, the move will backfire, kickstarting higher rates of inflation in 2023.
Biden has backed himself into a corner by going after fossil fuels so aggressively without a real backup plan in place.
Now he, or I guess I should say “we,” are paying the price for it.
Source: Fox Business