Washington Post: Biden Economists Oppose Biden Tax Plan

President Biden appealed to Congress on Wednesday to suspend the federal gas tax, saying it was critical to reduce the pain Americans are feeling at the pump. “I promise you I’m doing everything possible to bring the price of energy down,” Biden said, as images of oil pumps and gas stations flickered on the wall behind him.

But the notion of a gas tax holiday was met with instant criticism — not only from members of both parties on Capitol Hill, but even from many officials within the administration who said privately that it would probably do little to significantly lower gas prices.

Top Treasury Department officials expressed doubts about the gas tax holiday, and at least two top White House economists also privately conveyed reservations, according to two people familiar with the internal deliberations who spoke on the condition of anonymity to disclose sensitive conversations.

No doubt White House economists familiar with the concepts of supply, demand and incentives are also not entirely on board with the president’s decision to blame high gas prices on each industry in the supply chain. Having previously aimed his rhetoric at oil producers and refiners, the president is now blustering his way down the distribution channel. In the Eisenhower Executive Office Building on Wednesday Mr. Biden said:

My message is simple. To the companies running gas stations and setting those prices at the pump: This is a time of war, global peril, Ukraine. These are not normal times.

Bring down the price you are charging at the pump to reflect the cost you are paying for the product. Do it now. Do it today. Your customers, the American…