WASHINGTON (AP) — President Joe Biden on Wednesday will call on Congress to suspend federal gasoline and diesel taxes for three months — a move meant to ease financial pressures at the pump that also reveals the political toxicity of high gas prices in an election year.
The Democratic president will also call on states to suspend their own gas taxes or provide similar relief, according to administration officials who previewed his proposals on the condition of anonymity because they were not authorized to speak publicly.
At issue is the 18.4 cents-a-gallon federal tax on gas and the 24.4 cents-a-gallon federal tax on diesel fuel. If the gas savings were fully passed along to consumers, people would save roughly 3.6% at the pump when prices are averaging about $5 a gallon nationwide.
But many economists and lawmakers from both parties view the idea of a gas tax holiday with skepticism.
Barack Obama, during the 2008 presidential campaign, called the idea a "gimmick" that allowed politicians to "say that they did something." He also warned that oil companies could offset the tax relief by increasing their prices. Run that ad this summer
High gas prices pose a fundamental threat to Biden’s electoral and policy ambitions. They’ve caused confidence in the economy to slump to lows that bode poorly for defending Democratic control of the House and the Senate in November.
#3
"Ignore your economic pain caused by our incompetence and leftist policies! Republicans wanna push Covid into Grandma's nursing home...errr...abolish Medicare!"
Posted by: Frank G ||
06/22/2022 9:00 Comments ||
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#4
18.4¢ off a $6 gallon of gasoline is laughable. Driving 25 miles to work and back might save you less than $2 per week ($2.70 for the F-150).
And 24.4¢ off a $7 gallon of diesel doesn't do jack squat for the supply chain.
And knowing the feds, they'll have to make up that loss of tax funds from somewhere.
Posted by: Mullah Richard ||
06/22/2022 9:26 Comments ||
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#5
"Based on 25 miles each way".
Posted by: Mullah Richard ||
06/22/2022 9:27 Comments ||
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#6
WTI is down $7/barrel at this time and down about $20/bar from June 9 price.
That's the equivalent of about 10-15 cents off a gallon
Posted by: Lord Garth ||
06/22/2022 9:57 Comments ||
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#7
And cutting the appropriate amount of spending right?
If this is tax revenue supposedly going towards highway maintenance etc., will this revenue cut be offset by an account transfer from some other infrastructure program such as the Pakistani Women's Poetry Slam funding?
#8
#4 18.4¢ off a $6 gallon of gasoline is laughable. Driving 25 miles to work and back might save you less than $2 per week ($2.70 for the F-150).
And 24.4¢ off a $7 gallon of diesel doesn't do jack squat for the supply chain.
And knowing the feds, they'll have to make up that loss of tax funds from somewhere.
Posted by: Mullah Richard 2022-06-22 09:26
...The way I understood it - and I will cheerfully admit to error - is that it would be at least the Federal tax, and the states are being 'encouraged' to suspend theirs as well.
The funny part here is that as usual, the brains in the EOB have no idea what they're doing. See, this would, if approved, suspend the tax for 90 days. Which means if it goes through right after Congress returns from the July 4 recess, it'll come back just in time to hit everybody with an 18 cent a gallon tax increase just before the elections.
#9
July, August & September.
The upcoming Fall and Winter months should be expensive for the Northerners this year.
We filled up today at SAMS $4.19 for 87 octane 90/10 blend. Our total wait-in-line time <5 mins. $50.00 after bumping to round the number up. Price/PG down a dime.
How Russia is Making More in Oil Sales Now Than Begore the Invasion
With China and India buying the Russian oil shunned by the West, Moscow is earning more now than it did before the war.
When the United States and European Union moved to curtail purchases of Russian fossil fuels this year, they hoped it would help make the Russian invasion of Ukraine so economically painful for Moscow that President Vladimir V. Putin would be forced to abandon it. That prospect now seems remote at best.
China and India, the world’s most populous countries, have swooped in to buy roughly the same volume of Russian oil that would have gone to the West.
Oil prices are so high that Russia is making even more money now from sales than it did before the war began four months ago. And its currency has surged in value against the dollar.
Russian officials are smirking over a spectacular failure to cow Mr. Putin.
And the economic pain the oil boycott was meant to inflict is reverberating not in Moscow but in the West, especially the United States, where skyrocketing oil prices pose a potent threat to President Biden less than halfway into his term.
#14
Indian imports of Russian oil are up 800 percent annualized. Russia is now the prime energy supplier and trade partner for India and China.
"India, an oil-hungry country of 1.4 billion people, has guzzled nearly 60 million barrels of Russian oil in 2022 so far, compared with 12 million barrels in all of 2021, according to commodity data firm Kpler. Shipments to other Asian countries such as China have also increased in recent months"
It's glorious. An enormous discount for India, which then can make profits by refining and basically re-exporting Russian oil to the United States.
India wins big time
Russia wins big time
China wins
Europe and the US lose big time
😃
#15
^ But Vlad has lost the ability to threaten to shut off oil to the West for extortion and bullying
Posted by: Frank G ||
06/22/2022 14:20 Comments ||
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#16
All the non-western nations are getting in on the fun. Here comes Turkey, next South Africa... Boatloads of profits for INDIA!
"It seems a distinct trend is becoming ingrained now,” said Matt Smith, lead analyst at Kpler tracking Russian oil flows. As shipments of Urals oil to much of Europe are cut, crude is instead flowing to Asia, where India has become the top buyer, followed by China. Ship-tracking reports show Turkey is another key destination.
“People are realizing that India is such a refining hub, taking it at such a cheap price, refining it and sending it out as clean products because they can make such strong margins on that play" Smith said.
"In May, some 30 Russian tankers loaded with crude made their way to Indian shores, unloading about 430,000 barrels per day. An average of just 60,000 barrels per day arrived in January through March...
#18
Seeing this develop is a bad process for the west to endure. India is growing more powerful as they develop closer ties with Russia.This will be at the the expense of the West. This is long term. Israel transitioning to Netanyahu will In my opinion force Netanyahu to work a deal to enhance their mutual interests.Doing this will provide a pressure point hopefully for Israels security far better than NATO or Biden.
#19
#17 - Tell us again how much oil the US imports from India?
Posted by: Matt ||
06/22/2022 14:52 Comments ||
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#20
The more money India has, the better they can finance fighting off both China and Pakistan. Also, once established as the refiner of choice for growing Third World markets, it will be easy enough for them to change the source of their petroleum feedstock, right? This will make it harder for either Russia or the Muslim oil producers to try to hold the world hostage, as Russia is trying now and as OPEC did after losing the 1973 Yom Kippur War.
The most important thing we can do as a species is increase resilience to both expected and unexpected shocks, even if there is an increased short term cost to our side to do so. Short term that means being glad India is milking the Russia situation while it lasts; longer term that means bridling the Democrats in Washington, DC and getting American oil pumping again.
#27
Y'all aren't thinking straight if you believe this is a good situation for America. "Spats" is right. This is the biggest US policy fuckup we've ever seen. Unfuckingbelievable.
We are literally overpaying for oil by at least 25-30%. Stupidest damn administration ever
#31
For Matt: According to EIA.gov, U.S. imports from India vs All Suppliers by month, crude oil and products — Oct. 2021-March 2022 inclusive as 000 bbl:
All Countries
251,790 254,162 265,228 252,916 236,641 262,282
#32
Thanks, tw. I fully agree with the argument (like P2k's #28) that Slow Joe has screwed up US energy policy beyond words, but, respectfully, Mr. Spats doesn't get to make up facts to support that argument.
Posted by: Matt ||
06/22/2022 16:05 Comments ||
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#33
The oil price we pay is determined by worldwide forces, at the margin and by the global swing producers. Has nothing to do with how much we import from country X or Y.
It's Russia that's created discontinuities in the global market to punish the West and benefit India and China. We should reverse our sanctions policies that are just reaming our own consumers. So fucking stupid
#35
Anyone have a bad feeling a major bridge is about to collapse, thus proving the need not only for gasoline taxes, but more gasoline taxes?
Till you find out that the state, in which the collapse happens, has been moving their cut of the road tax to cover pension obligations rather than working on the roads it was intended for.
#38
Great to be back on the "ridicule anyone who notices out loud the price of gasoline' ride.
"Everyone who hates high gasoline prices is a Putin loving Republican who would love to see Europe under an Iron Fist for money to buy $9 coffee", great tack, moar please.
#39
One can't guess the where or the how,
But when shooters get boring... kerpow!
And out of the smoke,
Hair on fire, run the woke,
Screaming, "Common sense gas control now!"
[Red State] Joe Biden seems to be saying the quiet part out loud a lot lately, raising a lot of questions.
He made a telling comment the other day about who is making up his mind when he was asked about China tariffs. He replied, "We are in the process of making up my mind." He implied he was waiting for the go-ahead from someone else, saying he was "prepared to sign it and I’m ready to go." That of course raised questions about who is controlling him and who’s making the decision there. Then when he was pressed on gas prices his response was this was good because "we have a chance here to make a fundamental turn toward renewable energy, electric vehicles, and not just luxury vehicles, but across the board." So if you suffer, just remember it’s for the common good of Our Dear Leader’s climate goals.
I don’t know what he’s on lately but he let more out of the bag today—and the way that he said it added to the creepiness of it all. When he was asked about the vaccines for children under age 5, he said he would be asking Congress for more money for that. But he said they also needed more money for something else.
#2
When he was asked about the vaccines for children under age 5, he said he would be asking Congress for more money for that. But he said they also needed more money for something else.
"Little Debbie" scratch & sniff kits for Joe's private delight?
[AP] Georgia Secretary of State Brad Raffensperger is set to testify Tuesday at the House Jan. 6 committee about the extraordinary pressure he faced from former President Donald Trump to "find 11,780" votes that could flip the state to prevent Joe Biden’s election victory
Raffensperger, along with his deputy Gabe Sterling and Arizona’s state House Speaker Rusty Bowers, are scheduled to be the key witnesses when the House committee investigating the Jan. 6, 2021 insurrection resumes on Tuesday.
The focus will be on how the former president and his allies vigorously pressured officials in key battleground states with schemes to reject ballots or entire state tallies to upend the results of the 2020 presidential election.
Additionally, the panel will underscore how Trump knew his unrelenting pressure campaign could potentially cause violence against state and local officials and their families but pursued it anyway, according to a select committee aide.
"We will show courageous state officials who stood up and said they wouldn’t go along with this plan to either call legislatures back into session or decertify the results for Joe Biden," Rep. Adam Schiff, D-Calif., one of the Democratic members of the committee, told CNN on Sunday.
#4
Bee: Democrats Announce 'January 6 Hearings On Ice' WASHINGTON, D.C.—As ratings continue to fizzle for the January 6th hearings, Democrats are trying a new format to bring the committee's scandalous findings to a wider audience.
"We are proud, so proud, to announce January 6th On Ice," said Pelosi while attempting to squeeze into a silver leotard. "We invite parents and children of all ages to come witness this delightful spectacle as my colleagues and I dance to delightful musical numbers and spin our narrative as we spin on the ice!"
The show will take place on a rink of frozen tears supplied by AOC herself, and will feature the talents of Liz Cheney, Adam Kinzinger, and Adam Schiff, as he comically attempts to stay upright under the weight of his large watermelon-shaped head.
Democrats hope the new show will give more Americans a chilling picture of just how evil Trump and his supporters are.
At publishing time, the show had to be put on hold after every member of the committee slipped and broke their hips within the first 5 minutes of the first performance.
Posted by: Frank G ||
06/22/2022 10:06 Comments ||
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#5
More hearings?
Like watching the Star Trek re-boots.
Adam Schiff.....the guy who let terrorists into The Capital?
#7
He won his primary handily, so maybe it's (some) Georgia GOP voters who are the problem
Posted by: M. Murcek ||
06/22/2022 11:44 Comments ||
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#8
I saw a news report of librals thrilled with themselves for voting in the republican primary to screwing things up. Don't know how common that is but still it's a factor.
#9
The committee will release more evidence about Donald Trump's alleged effort to defraud supporters by fundraising off false claims. WASHINGTON (AP) — Members of the House committee investigating the Capitol riot said Sunday they may subpoena former Vice President Mike Pence and are waiting to hear from Virginia "Ginni" Thomas, the wife of Supreme Court Justice Clarence Thomas. Her crime? Talking to John Eastman.
Posted by: Deacon Blues ||
06/22/2022 13:12 Comments ||
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#10
Gavin Newsom will be the next illegitimate President of the US after Biden is gone.
Posted by: Black Charlie Slairt1430 ||
06/22/2022 13:19 Comments ||
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#11
Of course Raffensperger had to testify against Trump otherwise they wouldn't have invited him.
Posted by: Abu Uluque ||
06/22/2022 18:19 Comments ||
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A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
