美国国家公共电台 NPR--Some economists say cutting gas taxes would have minimal benefits for consumers

Some economists² say cutting gas taxes would have minimal³ benefits for consumers

Transcript⁴

President Biden wants to cut federal gasoline taxes for three months. NPR's Leila Fadel talks to economist¹ Allison Schrager of the Manhattan Institute about alternatives to curbing⁵ gas prices.

LEILA FADEL, HOST:

President Biden wants Congress to cut taxes on gasoline for three months this summer. The White House says lowering prices at the pump by 18 cents a gallon on gas and 24 cents a gallon on diesel⁶ until the end of September is one way to help Americans burdened by inflation. It might also score political points for Biden, who is under pressure to do something about rising costs. But many economists say cutting taxes on gas would have minimal benefits for consumers and could even make inflation worse. Joining me to talk through this is economist Allison Schrager. She's a senior fellow at the Manhattan Institute. Welcome to the program.

ALLISON SCHRAGER: Hi. Thanks for having me.

FADEL: Thanks for being here. So the Biden administration's proposal to cut gasoline taxes for three months has landed with a thud on Capitol Hill. Why so much criticism of this plan from Republicans, yes, but also some Democrats⁷?

SCHRAGER: Yeah. I mean, Republicans proposed something similar in 2008. And Democrats rightly pointed⁸ out then that when you cut the tax on gasoline - you know, there's something we call incidents in economics, which is, who benefits? Who gets that windfall?

FADEL: Yeah.

SCHRAGER: And when supply is constrained⁹ like it is right now, that mostly goes to producers and not the consumers. So this would really just be a windfall for the gas companies. And consumers wouldn't really even benefit.

FADEL: So an average driver wouldn't notice any relief?

SCHRAGER: No, maybe a little. I mean, it depends on how much the producers can increase supply, because if we cut the gas tax, then, you know, gas would get cheaper. But on the other hand, people would demand more. So that would just drive prices back up. Now, if producers could match that by increasing supply, then, you know, everyone would get some of this benefit. But, really, when supply is constrained, all the benefits just go to producers.

FADEL: How much are rising gas prices connected to inflation?

SCHRAGER: It's definitely a big part.

FADEL: OK.

SCHRAGER: I mean, I think it's wrong to say - some people say, it's all of inflation, and it's not. There's a lot going on. And everything's interconnected - right? - because, you know, higher gas prices make everything more expensive. Everything has to be transported. But there's also just higher inflation just because of rising labor¹⁰ costs, sort of still shortages from Chinese production. So everything's sort of tied up together, but it's definitely a big part of it.

FADEL: Is there anything the administration can do that it hasn't already done to lower gas prices?

SCHRAGER: Yeah. I mean, there are things they can do. I mean, there's regulations from the Bush era that require gas producers to mix fuel with renewables. And for smaller refineries¹¹, that's a very sort of expensive, cumbersome¹² process, so they can't do it or they have to buy credits. And this really increases their costs. So sort of a pause in that regulation could help. That's controversial, right? The ethanol producers don't like that. I mean, the thing is, we all have to, as well, come to terms that a lot of these policies were put in place for a greener, more sustainable energy. And right now, a lot of those policies are at odds¹³ with high gas prices. So I mean, a lot of economists are saying, we really need to think more holistically¹⁴ about our energy policy and put us on a more sustainable path and something that's a little bit more sustainable - sorry, stable.

FADEL: Is there a way to incentivize U.S. oil and gas production to meet demand while still pursuing ambitious climate goals? Or are these two aims irreconcilable¹⁵?

SCHRAGER: I don't know if they're totally irreconcilable. But, you know, they are in conflict. I mean, it's what - I mean, to sort of start drilling again, you know, a lot of - there was a lot of production in 2019. And some of it has fallen off because if you remember during the pandemic that oil prices actually went negative. So a lot of those refiners started losing money. And, you know, now prices are up. But, you know, there's a long lag time before starting to drill again. So they're like, well, prices are high now. But by the time I get this oil well going again, then prices could be down again. And I could be losing money.

And the fact that, as I said, this isn't any sort of party, there's been a big push to make oil companies pay higher rates of capital, partially¹⁶ because of our environmental goals. You're looking forward and you're like, yeah, prices are high now. But where are they going to be, especially if I have a higher cost of capital going forward?

FADEL: How much of the gas prices - I mean, it's about $5 on average right now, according to AAA. How much should we attribute these rising prices to Russia's invasion of Ukraine?

SCHRAGER: I mean, it's definitely a big part of it. I mean, we get less of our fuel from Russia. But prices are set in a global market. And certainly, in Europe, they're getting a lot of their fuel from Europe - sorry, from Russia. So it's definitely a big part of it. But, I mean, if you remember, oil prices were rising even before, largely because, as I said, we shut down a lot of production during the pandemic. And then it ramped¹⁷ back up...

FADEL: Yeah.

SCHRAGER: ...And demand went up very quickly. So it's definitely a big part of it, but it's not all.

FADEL: In the few seconds we have left - I mean, is it really in the control of the administration then if it's a part of these global factors as well?

SCHRAGER: No, not really. I don't think we can blame the Biden administration for oil prices being as high as they are now. But there's certainly things they can do to make oil prices more stable in the future.

FADEL: Allison Schrager is a senior fellow at the Manhattan Institute. Thank you so much for your time.

SCHRAGER: Thank you.

1 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

2 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

3 minimal   

adj.尽可能少的，最小的

参考例句：

• They referred to this kind of art as minimal art.他们把这种艺术叫微型艺术。
• I stayed with friends, so my expenses were minimal.我住在朋友家，所以我的花费很小。

4 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

5 curbing   

n.边石，边石的材料v.限制，克制，抑制( curb的现在分词 )

参考例句：

• Progress has been made in curbing inflation. 在控制通货膨胀方面已取得了进展。
• A range of policies have been introduced aimed at curbing inflation. 为了抑制通货膨胀实施了一系列的政策。

6 diesel   

n.柴油发动机，内燃机

参考例句：

• We experimented with diesel engines to drive the pumps.我们试着用柴油机来带动水泵。
• My tractor operates on diesel oil.我的那台拖拉机用柴油开动。

7 democrats   

n.民主主义者，民主人士( democrat的名词复数 )

参考例句：

• The Democrats held a pep rally on Capitol Hill yesterday. 民主党昨天在国会山召开了竞选誓师大会。
• The democrats organize a filibuster in the senate. 民主党党员组织了阻挠议事。 来自《简明英汉词典》

8 pointed   

adj.尖的，直截了当的

参考例句：

• He gave me a very sharp pointed pencil.他给我一支削得非常尖的铅笔。
• She wished to show Mrs.John Dashwood by this pointed invitation to her brother.她想通过对达茨伍德夫人提出直截了当的邀请向她的哥哥表示出来。

9 constrained   

adj.束缚的,节制的

参考例句：

• The evidence was so compelling that he felt constrained to accept it. 证据是那样的令人折服，他觉得不得不接受。
• I feel constrained to write and ask for your forgiveness. 我不得不写信请你原谅。

10 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

11 refineries   

精炼厂( refinery的名词复数 )

参考例句：

• The efforts on closedown and suspension of small sugar refineries, small saccharin refineries and small paper mills are also being carried out in steps. 关停小糖厂、小糖精厂、小造纸厂的工作也已逐步展开。
• Hence the sitting of refineries is at a distance from population centres. 所以，炼油厂的厂址总在远离人口集中的地方。

12 cumbersome   

adj.笨重的，不便携带的

参考例句：

• Although the machine looks cumbersome,it is actually easy to use.尽管这台机器看上去很笨重，操作起来却很容易。
• The furniture is too cumbersome to move.家具太笨，搬起来很不方便。

13 odds   

n.让步，机率，可能性，比率；胜败优劣之别

参考例句：

• The odds are 5 to 1 that she will win.她获胜的机会是五比一。
• Do you know the odds of winning the lottery once?你知道赢得一次彩票的几率多大吗？

14 holistically   

adv.holistic（整体的，全盘的）的副词形式

参考例句：

• Menu items and dialogs, when they are translated, to be considered holistically. 在翻译菜单项和对话框时，需要全盘考虑，确保翻译的界面保持整体的一致性很重要。 来自互联网
• If we examine this entity holistically, we can discover how incredible it really is. 如果我们整体检查这实体，我们可以发现它真的是多么让人难以置信。 来自互联网

15 irreconcilable   

adj.（指人）难和解的，势不两立的

参考例句：

• These practices are irreconcilable with the law of the Church.这种做法与教规是相悖的。
• These old concepts are irreconcilable with modern life.这些陈旧的观念与现代生活格格不入。

16 partially   

adv.部分地，从某些方面讲

参考例句：

• The door was partially concealed by the drapes.门有一部分被门帘遮住了。
• The police managed to restore calm and the curfew was partially lifted.警方设法恢复了平静，宵禁部分解除。

17 ramped   

土堤斜坡( ramp的过去式和过去分词 )； 斜道； 斜路； （装车或上下飞机的）活动梯

参考例句：

• With the arrival of George Lucas, the pace has ramped up. 随着乔治·卢卡斯的到来，速度大大加快。
• They also sold corporate bonds as the global financial crisis ramped up. 在全球金融危机加剧之际，他们还抛售了公司债券。