Fmr. Obama Adviser Goolsbee: Gas Tax Holiday Will Increase Government Borrowing, 'Might Very Well' Result in Refineries Just Raising Price

Fmr. Obama Adviser Goolsbee: Gas Tax Holiday Will Increase Government Borrowing, 'Might Very Well' Result in Refineries Just Raising Price


On Tuesday’s broadcast of Newsmax TV’s “The Record with Greta Van Susteren,” Economics Professor at the University of Chicago Booth School of Business Austan Goolsbee, who served as Chairman of the Council of Economic Advisers under President Barack Obama, stated that if President Joe Biden goes through with the federal gas tax holiday he’s considering, the revenue from the tax that would go to the Highway Trust Fund would be borrowed and that because we’re in a situation with constrained oil supply “it might very well be that the refineries simply raise the price” and “the consumers’ actual benefit might be even smaller than what it first looks like.”

Goolsbee stated, “I think the money that would go to the federal Highway Trust Fund, they would

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