The United States President Joe Biden’s recommended gasoline tax holiday is too small to make much of a disparity.
That’s what Paul Horsnell, the head of stocks at Standard Chartered bank thinks. Horsnell also thinks it would be better to find a way to make transfers to lower-income households if the main goal is to safeguard that group.
“Arguably not the way to address the issue in any case, it is not a good impression to be quiet price indications that can dampen demand,” Horsnell told Rigzone.
“Today [Thursday] Germany moved to the second stage of its natural gas emergency plan, and that, in part, involves speeding the transmission of price increases to final consumers to help depress demand,” he added.
“Gasoline tax assistance seeks to do the precise opposite of that. In brief, not a good idea in precept, and even if it was a good idea the change is too insignificant to make a huge disparity,” he proceeded.
Horsnell outlined that the measure won’t even roll back all the increase in prices in just the first week of June.
“That determines that all the tax cut would be passed onto the consumer, there has been a recommendation in the UK for example that stations may not have certainly passed on all the cut in tax,” Horsnell explained.
When asked for a statement on Biden’s proposed gasoline tax holiday, Matthew Bey, a senior global analyst for RANE, said, “U.S. refiners and oil firms have a little financial inducement to alter their investment plans and operations due to tension from the White House”.
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