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Gas prices have soared since the beginning of Russia’s invasion of Ukraine, adding extra pressure to consumers already dealing with higher costs at the pump after a year of rapid inflation.
In response, the Biden administration has been aggressively exploring ways to make up for the loss of Russian oil imports, which the U.S. banned last week. Most experts, though, say there’s little the president can do to substantially reduce gas prices in the short term. Despite Republican calls to ramp up drilling in the U.S., economists say the limitations on domestic production are mostly market-driven, and that it would take months for new wells to start producing enough oil to affect supply levels. At the same time, green energy solutions championed by many Democrats are generally seen as a long-term means of decreasing dependence on oil, rather than a viable substitute in the immediate future.
With limited options for addressing the underlying supply issues, lawmakers have proposed a variety of potential ways to help Americans bear the burden of rising fuel costs. Maryland’s governor and state Legislature have agreed to a temporary suspension of state gas taxes, an idea that has been pitched in several other states and at the federal level. California Gov. Gavin Newsom recently floated the idea of a tax rebate “to put money back in the pockets” of people struggling to afford high fuel costs. Some progressive Democrats have proposed creating a new system of regular stimulus checks funded by a steep tax on oil company profits.
Read more at the link in our bio.
✍️: Yahoo News
📸: Yahoo News/Getty Images
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♦️♦️♦️We are a FAT and sedentary nation. 75% could benefit from walking and riding a bike when possible anyway!!!♦️♦️♦️
А у нас бензин и газ подешевел, и это радует😉
We need relief but he is sending it overseas. 😢
Stimulus checks for high gas prices? We’ve lost our minds
🙌🙌🙌🔥🔥🔥
B0z0 Biden’s propaganda! Just open up the pipeline and stop restricting U.S. production of petroleum and natural gas! Gas prices will drop immediately.
The Biden administration is exploring new ways to bring down inflation? Hmm. They could audit the federal reserve then resign in disgrace.
Gas prices soared way before the war lmao
Since using our own product is somehow impossible. Planned chaos.
See the price? Keep calm and invest, I even share the top stock picks to watch every day.
Help Ukrain but dont help gas prices..
Open the f*** pipeline, gramps!
Makes just stay home and only use my car for work and supermarket 😒 🙄 😑
Gas companies caused the problem. And we need to get rid of our dependence on fossil fuels! No time like the present!
We are thanking all Biden and Democrats voters.Great job .World is proud of you 🤡
Spending more money is a bad idea right now
I stayed at home for several months after I lost my job,
I felt really bad at first, but a friend of mine introduced me to this woman
I really counted on her because l needed to feed my kids, I just want to appreciate her for integrity. Join her now @leah.coin
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