Wayne Winegarden, PRI fellow for Business & Economics, warns of the consequences of gas tax holidays and gas rebates in Newsweek:
Wayne Winegarden, a senior fellow at the Pacific Research Institute, echoed that if the Federal Reserve does not accommodate additional spending of gas rebate cards, the measure would “put additional pressure on the federal budget and increase the deficit.”
“It is up to the Federal Reserve to address the monetary policy issues, which leaves the Biden Administration to address the supply-side issues,” Winegarden said. “Gas tax holidays and gas rebates do not remove the fundamental disincentives to sustainably bring more oil and natural gas to market.”
The better solution, according to Winegarden, is to open U.S. drilling, something that would run contrary to Biden’s commitment to moving America toward green energy.