, Columnist
Only the U.S. Turns Gas Prices Into a Political Timebomb
Other countries use tax cuts and subsidies to soften the impact on consumers. Congress should bite the bullet and do the same.
Prices are sky high.
Photographer: Joe Buglewicz/BloombergThis article is for subscribers only.
Judging by the amount of public comment in English-language media, the world is on the brink of derangement about the state of gasoline prices.
U.S. gas prices hit a record level earlier this month. Limiting “the pain the American people are feeling at the gas pump” was one of the main objectives President Joe Biden set out in responding to the start of Russia’s invasion of Ukraine last month. The situation has even been blamed for the sinking of Sarah Bloom Raskin’s nomination to become vice chair of the Federal Reserve.