/biz/ - Business & Finance

>>49901357
>federal gas tax
>gas at 6-9$ a gallon
Laughable there is a tax anyways, it doesn't go towards infrastructure.

>>49901357
if anything lower gas price should drive demand for oil up but we are living in a clown world so who knows

>>49901357
no

Federal gas tax is $0.184 per gallon
So you might save two dollars filling up your gas tank every two weeks. Surely that'll make a difference, right?

State gas taxes are generally higher than the federal tax, and would make a (marginally) larger difference. At least in those states with the highest rates.

Pennsylvania is the highest, by the way, at $0.576 per gallon
https://igentax.com/gas-tax-state/#table

>>49901357
Lower price for the customer due to tax removal (18 cents) = maybe more demand. Banks and other big players pump oil just high enough to not harm demand (10 cents) = Profits for the banks, Oil up.

>>49901357
The industry getting tax cuts is bearish. For some reason.

We have done this in Sweden. They have been lowering gas tax like every week but the price kept going higher anyways. Made no difference whatsoever. The price at the pump is getting higher anyways

>>49901357
They should add a $3 tax to every gallon like the europoors do. They want to be like europe so damn much then act like it.

>>49901357
>government willingly giving up tax revenue
Holy shit we are about to fucking die

>>49901357
NOTHING FUCKWIT JOE does is a good thing for the country

>>49902011
>>49902253
Be honest, have you noticed even one instance of people buying less gas/ driving less because of the high prices? I’m convinced they could add a $5 gas tax and dumb Americans would continue to pay $11 a gallon and complain but not drive a mile less

>>49902949
I don't know about other people but I have been driving less. I made it a point to get more foods that keep longer and putting fruit in the fridge as well as jogging around my area instead of going to the state park.
I work from home but even then I live in rural WV so I have no choice but to drive to get anything (nearest town is 30 miles away), I used to average around 550 miles a month, now down to 500 and looking for ways to go lower.
I live on strict budget so I don't have choice, the higher gas prices go the more conscious I am of the trips I make; all my neighbors are in a similar position but worse since I have a sedan and they have trucks

>>49902174
>>49901955
>>49901357
this is all pissing in to the wind, the only way this stops is with price controls and more domestic production. Put a 50% on all anyone selling above a set price and give loans with possible dept forgiveness (if they produce enough) to all all the "small" oil rigs that had to close down at the start of COVID to get production back up.
History has shown time and again when it comes to big oil that the carrot doesn't work, you need the stick.

All of this is moot anyway since the Biden administration doesn't actually want to fix the problem with American or global energy costs, if they did they would let Iran sell it's cheap oil to Europe which drive down demand globally as well as start bringing back manufacturing to the US where energy regs can be enforced since China sure as hell will never do it.

>>49901357

No. The problem is the fucking supply.

This is all being done on purpose.

>>49901357
Federal taxes are only 18 cents a gallon.
It will do nothing.
Reducing taxes on gas would only be bullish for oil anyway.

>>49903489

>price controls

>>49904184
Yes. Eat a bullet boomer