Having had the ‘Putin Price Hike’ narrative thoroughly dismissed by Fed Chair Powell earlier in the day, President Biden is set to keep repeating the ‘big lie’ until more people believe it.
Presumably, President Biden will announce his cunning plan to cut the federal gas tax…
“By suspending the 18-cent federal gas tax for the next 90 days, we can bring down the price of gas and bring families a bit of relief,” Biden said Wednesday at the White House.
Breaking down proposed tax savings, 18-cent savings per gallon of regular gas for 12 gallons (average fuel tank size for a US car) will save the consumer a whopping $2.16 every time they fill up.
FLASHBACK: Barack Obama in 2008 slams proposed gas tax holiday: “This isn’t a real solution. It’s a political stunt. This is what Washington does whenever there’s a big problem. Politicians pretend they’re looking out for you but they’re just looking out for their poll numbers.” pic.twitter.com/QlyE5pKwX8
— Forbes (@Forbes) June 22, 2022
President Biden set to announce a suspension of the Federal gas tax for the summer.
In March, Speaker Pelosi called a gas tax suspension plan “showbiz” and effectively said its a bad idea and won’t help.https://t.co/PR0M08z8bw
— Brian Sullivan (@SullyCNBC) June 22, 2022
President Biden explained “this is a time of war and global peril,” and that he reminded voters that he had always said there would be a price to pay for saving democracy in Ukraine.
Biden said that states, many of which are enjoying budget surpluses thanks in part to federal pandemic stimulus, should also suspend their own gas taxes, and he called on refiners and gasoline retailers to make sure “every penny” of the tax pause goes to consumers.
“Your customers, the American people, they need relief now,” Biden said.
The president took another shot at ‘big oil’, claiming they should stop buying back their own shares and spend that money on refining capacity. There’s just one problem with that…
BIDEN: WANT OIL FIRMS TO USE PROFITS TO INCREASE REFINING CAPACITY INSTEAD OF BUYING BACK STOCK
Which is great… only oil firms don’t do buybacks, they pay dividends. If Biden wants to end buybacks, he should just go after his liberal tech friends pic.twitter.com/poR0glkBU3
— zerohedge (@zerohedge) June 22, 2022
Then Biden turned up the ‘blame-plifier’ to 11 by pointing the finer at gas station owners!!!
Biden: “To the companies running gas stations and setting those prices at the pump, this is a time of war, global peril, Ukraine. These are not normal times. Bring down the price you are charging at the pump. Do it now.” pic.twitter.com/DF9TEduoM5
— Greg Price (@greg_price11) June 22, 2022
Of course, the president didn’t take questions after his remarks, since that would mean explaining all the policy contradictions: he’s moved to curtail US oil production in the past before now urging its expansion, and cutting the price of gasoline may encourage higher consumption, countering his efforts to reduce US dependence on fossil fuels.
Continue Reading: zerohedge.com