Sen. Lankford to Newsmax: Biden’s Gas Tax Holiday to Raise National Debt by BillionsJune 26, 2022
By Nick Koutsobinas from Newsmax.com
Oklahoma Republican Sen. James Lankford decried on Newsmax President Joe Biden’s push for a three-month-long gas tax holiday, warning that it would raise the national debt by billions while at the same time not addressing the real issue.
Speaking to “The Record with Greta Van Susteren,” Lankford highlighted that here in the United States, what is needed to lower the price of gas is a “greater supply. I mean, this is not hard: supply and demand. The more the president puts restrictions on building new pipelines — permits for new federal lands and waters — the harder he makes it to be able to go get supply. The more demand that we have; prices begin to rise.”
On Wednesday, The Hill reported that the president “officially backed the suspension of both federal and state taxes on gasoline,” which would cut gas taxes by 18 cents per gallon for three months. But according to Lankford, this would only be a temporary fix. The “fastest” gas prices could be brought down to a sustainable level, the congressman says, “would be months to years at this point.”
“It could come down to $4. It could come down to $3.50 as we begin to increase supply. But you’ve gotta increase supply to be able to offset this.”