We're joined today by Patrick Dahan. He is the head of petroleum analysis at GasBuddy. GasBuddy is a leading resource for anything, oil and gas. And Patrick is a leading voice on this issue, really worldwide when it comes to the American market. So if you see any articles about what's going on with oil, gas prices, any of that, it's usually

Patrick that you're going to see a quote from. So we just have a really short period of time today

because we actually have breaking news coming from the White House that there is going to be a

proposal of a some sort of tax holiday. Patrick, what are you hearing about this and what does it

mean for gas prices? Well, President Biden is proposing a basically

a gas tax holiday along with a diesel tax. Now, this is up to Congress to approve. But essentially,

what President Biden wants is to the federal government to waive the 18 cent a gallon gasoline tax and

the 24 cent a gallon diesel tax. Now, that would help push prices down. But the biggest

problem that has led to high prices to begin with is the fact that demand has outpaced supply

and lowering prices through a lower gas tax or no gas tax from the federal government at all

could exacerbate the situation and cause more of an issue down the road. But nonetheless,

Americans stand to save $70 million a day if this is implemented. And it's a big if because

Congress would have to actually have to approve this proposal. There's a lot of blame game

about who's to blame for the higher prices. You have the White House talking about big oil and gas companies

and also what's going on with Russia and Ukraine. You have Republicans blaming the White House.

You have everybody's very typical, Patrick, we've seen this before. Everyone's pointing at each other.

Is someone to blame? Is something to blame for the higher prices that we're seeing?

Well, there's a lot to blame. Politicians would like to have you think it's the other party's fault or whatnot, or it's the oil companies. But a lot of this was brought on by COVID, and we're still recovering from COVID. A lot of the imbalances that affected all of us in the last couple of years are affecting what we're paying at the pump. In addition, Russia's worn Ukraine has not helped. At a time that the economy is

recovering and the global economy is consuming more oil, Russia's invasion of Ukraine, causing

countries to cut off that Russian flow to try and inflict damage on the Russian economy,

is also meaning that there's less supply available in the global market. Of course, that's a big

piece of oil prices have jumped since February. The other issue is refining capacity, turning that oil into something more tangible or I should say more useful

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