Rep. Darrell Issa, R-Calif., slammed President Biden's push for a gas tax holiday on "Mornings with Maria" Thursday, saying the move shows he "clearly" doesn't understand economics.
REP. DARRELL ISSA: My committee deals with antitrust. If we saw even a hint of antitrust behavior, we'd be happy to weigh in and enforce it. But the president, who clearly doesn't understand economics and certainly doesn't understand that the margin at the gas station has very, very little to do with price setting, those are the last people to be able to set the price. And in fact, the one thing that he doesn't seem to understand, that you understand from your years in finance is, this is one of the most inelastic commodities there are.
If you have a little extra fuel, the price drops precipitously. If you don't have enough, it rises precipitously because people cannot easily change the amount of fuel they use in our economy. And that's exactly why the small changes he made in the beginning of his administration, including the pipeline cancelation, including sending the wrong message to those who finance new wells and including taking away federal lands, those added up to exactly where we are today. And any other statement is simply disingenuous, which is Washington speak for 'big lie.'
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