“We at the moment are in very energetic discussions with our European companions about banning the import of Russian oil to our international locations whereas, in fact, on the identical time sustaining a gradual international provide of oil,” Secretary of State Blinken stated on “Meet the Press” on NBC final Sunday. Then we have now Biden blaming the worth rise of gasoline on Putin ignoring the truth that costs have been hovering earlier than the Ukrainian disaster. This picture is from California months BEFORE the Ukraine manufactured disaster.

Now we have now Congressional Democrats who’re about to create a good worse scarcity by proposing a brand new tax on massive oil firms designed to “curb profiteering” by redirecting income related to greater crude oil costs to again drivers. The Massive Oil Windfall Income Tax Act, launched by Sen. Sheldon Whitehouse of Rhode Island and co-sponsored by 11 different Democratic senators on Thursday, would gather a portion of the income firms are at present yielding with oil at its highest premium in additional than a decade and return it to shoppers as quarterly rebates. That is our downside. We’ve folks in authorities with ZERO understanding of even how the economic system works. Imposing such a tax of this nature will create shortages for it should act as worth management.

 

 

The submit Gasoline Value Controls first appeared on Armstrong Economics.

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