Target CEO Brian Cornell doesn't think a federal gas tax holiday is a good idea.
Cornell told the Economic Club of New York that suspending the 18.4-cent-per-gallon charge would only fuel demand.
"It's doing nothing to increase supply, so that's a temporary, almost mini-stimulus," he said.
Following the Russian invasion of Ukraine, US production has been slow to ramp up, and as a result, there has been a shortage of diesel and jet fuel in the market.
It's time to change the supply and demand curves for transportation.
The Biden Administration released 50 million barrels of oil from the reserve and tried to get producers to increase production, but prices have continued to rise.
Increased demand won't help lower those prices over the long term.
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