On Tuesday’s broadcast of the Fox News Channel’s “Special Report,” Sen. Tim Scott (R-SC) stated that because of how the price of gas keeps increasing, the reduction in price from any gas tax holiday would be eliminated in about two weeks.
Scott said, “Well, there’s an 18.4 cents gas tax and a 24.4-cent diesel tax, creates about $50 billion of revenue. When we’re going to try to trick the market and suggest that we can reduce your prices by alleviating the tax pressure, that’s great. But unfortunately, the way that gas is ticking up every single week, that reduction in price is eliminated in about 12 days. So, the truth is that what we need is to restart the conversation about the Keystone XL pipeline to introduce confidence into the marketplace. What we need is to have certainty and predictability so that those energy producers feel like they can invest billions of dollars to extract the energy from the soil so that we can use it in our tanks. Without that certainty and predictability, without restarting the Keystone XL pipeline, all we’re doing is playing a game of moving things around, but not actually impacting the marketplace long term.”
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