Gas tax credit ‘con market’, domestic speculation an easier solution: Senator Scott

the newYou can now listen to Fox News articles!

As reports surfaced, the White House is considering a federal gas tax holiday to ease some Americans’ pain at the pump, South Carolina Republican Senator Tim Scott told Fox News This move will not be a long-term response to the energy crisis.

Scott said that while erasing the 18.4 cents the federal government gets from every gallon of gasoline sold will create moderate ease in the short term, it will likely be swallowed up by constantly inflated prices and is essentially an attempt to spell out convenience that won’t hold. .

The lawmaker said the tax, which is about 25 cents a gallon on diesel, is on top of the state’s variable gas taxes and generates $50 billion in annual revenue — adding that The real solution lies in going back to before Biden Policies such as increased speculation on domestic fuels.

“When we try to fool the market and suggest we can lower your prices by easing tax pressure, that’s great. But unfortunately, the way the gas goes up every week, that drop in price gets wiped out in about 12 days.”

Gas crunch: Alaska Governor Biden says looking for oil ‘anywhere on the planet except at home’

An oil pump works in a McDonald's car in Bradford, Pennsylvania (Reuters/Brendan McDermid)

An oil pump works in a McDonald’s car in Bradford, Pennsylvania (Reuters/Brendan McDermid)

“So the truth is that what we need is a resumption of dialogue about the Keystone XL pipeline to instil confidence in the market,” he said, as Biden finished the project with a stroke of a pen on his first day in office.

Given all taxes and fees, California at 67 cents; Pennsylvania and Illinois at 59 cents a gallon have the highest taxes for the state, while Alaska at 15 cents and Missouri at 17 cpg have the lowest—all above the federal rate of 18 cpg.

“What we need is to have certainty and predictability so that these energy producers feel that they can invest billions of dollars to extract energy from the soil so that we can use it in our reservoirs,” he added.

Without a predictable and consistent energy policy and without a re-emergence of US pipeline construction, Biden is simply moving the numbers and not affecting the long-term futures market, Scott said.

Biden invoked his warning about big oil as exercises for energy curator stock options

A poster of President Joe Biden placed on a gas pump (RJ Sangosti/MediaNewsGroup/DenverPostviaGetty)

A poster of President Joe Biden placed on a gas pump (RJ Sangosti/MediaNewsGroup/DenverPostviaGetty)

Scott also opposed the administration’s plan for student loan forgiveness — which would shift the financial burden from young debtors to the American taxpayer.

“Just think who’s a student in college today and how many of those students look like me,” said the legislator, who’s black.

“The truth is, when you’re having a conversation about getting rid of $1.6 trillion in student loan debt, you’re not having a conversation about empowering African Americans through canceling student loan debt. What you have is a conversation about middle-income America that is the vast majority of student loan debt.

“Can we have a conversation about managing this student loan debt? Sure. But eliminating that debt through a government order is not the way we’re getting there.”

He also reacted to the appearance Latest gun control and legislative reform, noting his earlier negotiations on the subject of criminal justice reform with Senator Cory Booker, DNJ, and others a few years ago.


“I sat at the table twice and saw the Democrats turn away. I’m still at the table today, and I’m still working on police reform,” he said.

“Let’s put both sides aside and realize that the binary choice they have given the American people between communities of color and law enforcement is the wrong binary.”

“What I’ve seen in the legislation so far has been a focus and a focus on mental health and school safety. Those are two very important parts of a car. If this was a car, we might see enough Republicans take a look at it and check it out.”

However, Scott emphasized that he was not afraid to walk off the proverbial schedule if the package evolved toward a package that would infringe on Civilian Second Amendment rights.