Larry Kudlow: Biden’s policy remains to end fossil fuels
FOX Business host Larry Kudlow reveals what a gas tax suspension would do for the price of gasoline as Americans face record-high inflation on ‘Kudlow.’
Once again, in today's announcement calling for a three-month suspension of the 18.4 cent federal gasoline tax, Joe Biden has come up with a gimmick rather than a policy or, to think of it another way, his announcement today on the gas tax shows that his policy remains to end fossil fuels.
That means he still insists on implementing his radical, climate change ideology, instead of defending American energy security, or, for that matter, American national security.
The tax holiday is just silly. It has no chance of passing Congress. It will not reduce gasoline prices and it does nothing, of course, to help energy companies increase fracking, or pipelining, or refining. It does nothing.
At best, a gas tax suspension with a 4% discount on the price, even assuming all of it is passed on to consumers, would lower the average price from $5 to $4.82. Applying standard price theory, the cheaper price might actually increase gas demand and then the price at the pump would go back up, but the trick here, which eludes the Bidens, is to increase the supply of gasoline, but he won't do that because it would violate his extremist greenie policies.
GAS PRICES MAKE RECORD JULY FOURTH CAR, AIR TRAVEL COSTLY
Biden’s gas tax holiday is a desperate cry for help: GOP senator
Sen. John Thune addresses rising gas prices and a possible Build Back Better bill revival on ‘Kudlow.”
Of course, he'd rather blame Vladimir Putin in the Ukraine, or recently his incredible attacks on American oil companies. We'll get back to that in a moment.
First, here's Biden today, concocting a truly stupid argument about the energy crisis. See for yourself:
PRESIDENT BIDEN: "So for all those Republican Congress criticizing me today for high gas prices in America, are you now saying we were wrong to support Ukraine? Are you saying we were wrong to stand- up to Putin? Are you saying that we would rather have lower gas prices in America and Putin's iron fist in Europe?"
Of course, Biden's energy problems are completely self-inflicted. Don't take my word for it. Here's Fed chair Jay Powell on the topic:
SEN. BILL HAGERTY: "Would you say that the war in Ukraine is the primary driver of inflation in America?"
FED CHAIR JAY POWELL: "No. Inflation was high before, certainly before the war in Ukraine broke out."