W.H. Economic Adviser Rouse: We’re in a ‘Different’ Situation Than When Obama Bashed Gas Tax Holiday

On Tuesday’s broadcast of CNBC’s “Squawk Box,” White House Council of Economic Advisers Chair Cecilia Rouse, who also served on the Council of Economic Advisers during the Obama administration stated that we are in “a different economic situation” now than when former President Obama dismissed a gas tax holiday as a “gimmick[.]”

Co-host Joe Kernen asked, “Did you agree with him back then? And have you changed your view, or is it different this time around?”

Rouse responded, “Look, this is a different economic situation. Right now, we are coming out of a global pandemic — or at least we hope we’re coming out it. We have Russia’s war on Ukraine. There’s a lot of uncertainty. We have record inflation. And so, this president, while very proud of the growth and — in our economy last year and the strength of our labor market, also very much understands the cost of inflation for American families. We know that a lot of the inflation has been caused over the last several months by Putin’s invasion of Ukraine. Because that has generated increases in our energy prices. And so, President Biden is looking at all tools available to try to help make it a little bit easier for people at the pump. It’s why he has done historic releases from our Strategic Petroleum Reserve, has relaxed some regulations on biofuels, and he’s looking at other options on the table as well, including a gas tax holiday.”

Follow Ian Hanchett on Twitter @IanHanchett

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