What to Know: American families are planning their summer vacations now—but are dismayed at the price of gas.
The TPPF Take: Let’s take the Griswold’s fictional trip in the classic movie “Vacation.” Clark and his family would pay much, much more today.
“Clark paid an average of $1.22 per gallon for gas,” writes Texas Railroad Commission Chairman Wayne Christian, in a guest piece for The Cannon Online. “When you adjust for inflation that’s $3.61—which is still a dollar cheaper than it is today. It’s a trip of about 2,121 miles to Southern California, stopping over in Kansas to see Cousin Eddie. With the station wagon getting about 25 mpg, Clark would have roughly paid a roundtrip gas total of $207, or $612 when you adjust for inflation.”
For more on the costs of a 2022 “Vacation,” click here.
We Have Energy at Home
What to Know: President Biden is planning a trip to Saudi Arabia to beg the OPEC nation to produce more oil.
The TPPF Take: Biden should get out of way of U.S. energy production. Instead, he’s creating a global energy crisis.
“What we’re seeing here is the practical consequence of a president who said during his campaign he was going to make war on domestic energy,” says TPPF’s Chuck DeVore. “It’s now more difficult to extract oil and gas, coal, and other forms of energy. And now as a result, and because of the Russian invasion of Ukraine, somewhat limited world supplies have now become critical.”
To hear an interview with Chuck, click here.
Earth-Moving Giant Moving Here
What to Know: Caterpillar, the world’s largest construction equipment manufacturer, is moving its headquarters to Texas—and not because it’s getting special tax breaks to do so.
The TPPF Take: Several studies on targeted business incentives reach an almost unanimous conclusion: They are rarely the determining factor.
“The best economic development tool is offering lower taxes and fewer regulations for everyone, resulting in better opportunities for businesses and individuals alike—no need for special economic or tax incentives,” says TPPF’s Carine Martinez. “Caterpillar, like many other businesses that move to Texas every day, is the perfect example.”
For more on special tax breaks for businesses, click here.