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Biden Plan to Pause Gas Tax Threatens to Boost Prices, Hess Says

June 23, 2022, 1:53 PM

President Joe Biden’s plan to suspend the federal gasoline tax would only make things worse for US drivers, one industry CEO said ahead of a meeting in Washington between oil executives and administration officials.

“The gasoline tax holiday would actually increase demand at a time when inventory is already tight,” John Hess, chief executive officer of Hess Corp., said Thursday in an investor presentation. “The key to getting oil prices under control is to grow inventory; you only do that by increasing supply and tempering demand.”

John Hess
Photographer: F. Carter Smith/Bloomberg

Biden has called on the oil industry to tame ...