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Issa on Biden’s push for gas tax holiday: He ‘clearly doesn’t understand economics’

President asks Congress to suspend federal and state gas taxes for 90 days

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. 

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