Illinois officials at odds on how to tackle record inflation

[March 03, 2022]  By Greg Bishop

(The Center Square) – With record inflation, Illinois officials are pointing in different directions to ease the burden on consumers.

Illinoisans are paying record gas prices, and an industry expert says President Joe Biden’s plan to release oil reserves may not help that much.

Tuesday evening, Biden’s State of the Union speech touched on inflation and record energy prices. The Ukraine-Russia conflict is a major driving factor.

U.S. Treasury Secretary Janet Yellen was in Chicago Wednesday.

“President Biden announced last night a release of 60 million barrels of oil from our strategic oil reserves, working with our allies,” Yellen said.

Josh Sharp with Illinois Fuel and Retailers Association said releasing reserves might provide some relief at the pump. But, Biden’s restrictions on exploration may hinder production. Always present in Illinois are the city, state and county level taxes drivers pay.

“So you get two to three or four or five layers of tax on a product and it’s going to be expensive,” Sharp said.

AAA showed gas prices ranging from as high as $4.07 in Cook County and as low as $3.56 in several downstate counties.

Joining Yellen in Chicago, Gov. J.B. Pritzker reflected on the increased costs on consumers.

“Rising prices at the pump, and in the checkout lane are pulling at the pockets of our residents and the costs of energy, child care and prescription drugs have skyrocketed when people need them the most,” Pritzker said.

Pritzker was encouraged by the prospect of more taxpayer investment to address the issues Biden discussed Tuesday.

After Biden’s speech Tuesday, Peoria U.S. Rep. Darin LaHood joined Americans For Prosperity for reaction. After trillions in COVID relief dollars that taxpayers are already on the hook for, he said the government should stop spending.

“And if you listen to Biden tonight to talk about more government programs, more spending, that’s the last thing we ought to be doing is that,” LaHood said.

For real growth and job creation, LaHood said there should be tax cuts instead of more deficit spending.