For the first time since the pandemic, gas sales are above previous year levels, but demand is still lacking.
As prices creep higher. One oil analyst predicts that demand this year will stay behind pre-pandemic levels and some lawmakers have introduced legislation to eliminate big oil subsidies.
Sen. Chuck Grassley admits there could be a price impact-- eventually.
According to Grassley, “We’re a long way from $4 dollar gas, and in California where seems to be the peak, so let’s just-- we’ll just have to let the market play that out.”
The “End Oil and Gas Tax Subsidies Act” would eliminate eleven provisions in the tax code that currently benefit the industry.
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