President Biden’s call for a summer gas-tax holiday is another pro-oil policy that wouldn’t do much to help people. KevinTDugan writes
Photo-Illustration: Intelligencer; Photo: Samuel Corum/Bloomberg via Getty Images President Joe Biden, despite what he may say to the contrary, is something of an oil guy. Maybe it’s not intentional, since he’s expanding electric-vehicle infrastructure and has pledged to reduce federal emissions by 65 percent by 2030. But last fall, before the war in Ukraine broke out and sent oil markets soaring, he was pushing OPEC+ to pump more oil during the U.N. Climate Change Conference in Glasgow.
The good news is that there is a policy shift under way that will end up lowering the price of gas: the tanking of the economy. The Federal Reserve — which is independent of the White House — is in the midst of a historically steep interest-rate-hike regime in order to tame the worst inflation in generations: It just ratcheted up borrowing costs by 0.75 percent last week, the biggest hike in 28 years.
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