UHND.com - Notre Dame Football, Basketball, & Recruiting

The primary problem in the energy market at the moment is constrained supply. A look at inventory levels in oil straight through to distillates tells that story. This, plus the extra demand of the summer driving season has caused higher prices. Rather than addressing the supply situation, the Biden administration is eliminating the gasoline tax. The elimination of this tax is likely to increase demand further since it will have the effect of slightly lowering prices (at first). This is not helpful to the situation in any way other than for Biden to claim he is doing something. When prices inevitably adjust to reflect this increased demand versus the constrained supply, Biden and Granholm will claim that evil refiners pocketed the tax savings. The script is already written for the bullshit we will hear in the coming months.