This shocking economic report has Joe Biden diving for cover

Joe Biden’s policy failures are piling up.

The American people want answers.

And this shocking economic report has Joe Biden diving for cover.

It’s no secret that Joe Biden has spent the beginning of his first term fumbling the ball.

From his constant gaffs and failed political policies, it’s becoming clear that he has no idea what he’s doing. 

Just recently, vast swaths of the east coast were left without gasoline due to a ransomware attack on the Colonial Pipeline. 

“Don’t panic” is all Joe Biden could say on the subject, effectively telling Americans to pack sand. 

And now, a report just came out that shows fuel prices are still rising and it could spell doom for consumers.

The Energy Information Administration’s weekly survey showed from April 17 to May 17 gasoline increased from $2.93/gallon to $3.11/gallon, while diesel increased from $3.12/gallon to $3.24/gallon.

The diesel price rising is of particular concern since semi-trucks run on diesel. 

Any increase in fuel costs of diesel will raise the cost of freight shipping, and that will increase the cost of everything you buy.

And with fuel prices rising, there is talk in government circles of capitalizing on the high prices by increasing the gas tax.

But the Washington Examiner reports:

“Increasing the excise tax on gasoline and diesel fuel would have an immediate negative impact on the economy and on taxpayers nationwide. Shippers, who directly pay the tax, would add those higher costs on to distributors, who will add those costs to merchants, who will ultimately pass some of those costs on to the sticker price of goods on their shelves,” Thomas Aiello, director of federal affairs at the watchdog group National Taxpayers Union

“Sure, shippers will nominally pay the tax, but it is consumers who will see higher prices at the checkout counter. Plus, with the concerning rise in inflation, raising the gas tax is the last possible thing that should be on the table.”

Biden has not signaled that he will propose raising the gas tax, but that doesn’t mean he isn’t open to the idea or won’t sign a tax hike that comes to his desk.

Stay tuned to Right News Wire for any updates to this ongoing story.

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