“When you have a big job to do, whether it’s harvesting or planting or transportation, it helps to run on gas,” said Bones. “It seems that electric vehicles have a place, but I don’t think it’s out here in flyover country.”
June 24, 2022 07:00 PM
By By Kylie Carlson and Stu Whitney / South Dakota News Watch
Despite the second straight weekly decline reported by the Labor Department on Thursday, claims are hovering near a five-month high. There have been job cuts in sectors like technology and housing amid fears of a recession as the Federal Reserve aggressively tightens monetary policy to quell price pressures.
The president will also call on states to temporarily suspend state fuel taxes, which are often higher than federal rates, and he will challenge major oil companies to bring back idled refining capacity.
Particularly galling to the White House is the jump in industry stock buybacks, returning to investors profits that the administration wants invested in more refining capacity to bring gasoline prices down.