Gas prices rose nearly 70 cents per gallon in a two-week period in the wake of the invasion. Prices at the pump have since plateaued, but they are still more than $4 per gallon. Biden has responded by announcing the release of oil from the nation’s Strategic Petroleum Reserve to increase supply and lower prices. The move, along with efforts from US allies overseas, will add more than one million barrels of oil per day to supply. Still, the president and Congress should go further in combating price increases. One way to do that is by enacting a temporary windfall profits tax on Big Oil and the billions of dollars the industry has been raking in.
The above excerpt was originally published in CNN.
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