| Unleash Prosperity Hotline Issue #287 05/18/2021 |
| Joe Biden promised not to raise taxes on anyone making less than $400,000 a year. What about his gas “tax?” When Biden was elected, the average gasoline price across America was $2.20 a gallon. On May 15 of this year, according to AAA, the average gas price hit $3.04. Just as lower gas prices are like a tax cut for consumers, the current higher gas prices are the equivalent of a consumption tax hike. Yes, we know, gas prices are mostly out of control of the President, but the green menace guiding this administration wants to wean Americans off of made in America oil and gas consumption. New EPA regulations, bans on drilling on federal lands, the cancelation of oil and gas pipelines, including Keystone XL, and an inflationary fiscal policy have all contributed to the steady rise in prices at the pump. Americans consume about 50 billion gallons of gasoline each year, so the Biden anti-fossil fuels agenda will cost consumers some $42 billion this year. This gas tax is also highly regressive, hitting lower and middle income Americans the hardest. It’s not just those who make more than $400,000 who drive a car, although Biden policies seem to be driving us in that direction. National Average Gas Price Since Biden Was Elected Per Gallon at the Pump 11/2020 $2.20 12/2020 2.42 1//2021 2.59 2/2021 2.90 3/2021 2.95 4/2021 3.04 |
Subscribe to receive our full hotline