oil and gas association president tim stewart. you could join us to talk about this important topic today. gas prices has retreated bringing relief for americans at the pump but the expectation as a result of the new taxes is that prices will continue to move higher, 16.4 cents a new tax on every barrel of oil. expectation they pass that on to the consumer. >> thank you for having me that is a great point with regards to the inflation reduction act and honestly there is some other things in there beside the visual 16 cents fee per barrel that's going have obvious impact on consumer prices but the long-term residual it is what happened to the federal lands component in the number of hidden fees and taxes put on the small producers as they go forward in trying to conduct federal leasing. equal if not more concern for the american consumer what is the long-term going to be in all of this thing. >> the administration continues to say tapping the spr has been the right move itself to reduce prices at the pump where as some people say y

my thanks to tim stewart. always good to see you. thank you. >> appreciate t thanks.kie: don't go anywhere, more wall street after this. jackie: welcome back, maria will be back with another big show next week so tune into wall street every tried at 7:00 p.m. and catch her 10:00 a.m. sunday morning on the fox news channel for exclusive interviews with senator marsha blackburn, lieutenant governor and new york senate candidate joseph. start smart every weekday from 6 to 9:00 a.m. with mornings with maria on fox business. that'll do it for me, thanks for watching. gerry: it may not be what republicans want to hear. this is biden's border crisi

noteworthy, tim stewart is among the ev buyers. president of the u.s. oil and gas association. nt guest on this show, we always appreciate that. tim, that alone to me warrants a fox alert when i heard you bought an ev. if i was to face this rift of we have in your industry that it is anti-electric vehicle, tell me what you did, why you did it, what you bought? >> let the record show, neil, president of the u.s. oil and gas association also owns an electric vehicle. i figured i needed to walk the walk as this transition is well underway. i plan to document my experience. we my wife and i decided to go with the volkswagen id-4. to be honest with you we're off to rocky start. six months late getting here. i got notice from the dealer, checked that vehicle doesn't qualify for any tax credits passed by the ira bill. it will be interesting to see how much it costs, how practical it is for a middle class family like yours. we'll keep you documented, keep you posted how it goes. neil: two sterling news developments there. the president of the u.s. oil and gas association and you say you

tim stewart, the president of the u.s. oil and gas association telling me this, those taxes will be reflected in higher energy costs in everything from manufacturing to agriculture and will fall disproportionately on millions of small businesses and families who were already rightfully concerned about their future prosperity. washington never seems to grasp that someone, ultimately has to pay and it is not just tax hikes that some tax analysts say ultimately will trickle down to average americans. supersizing the irs in this legislation means that middle-class families are going to face more audits. the congressional budget office, the non-partisan organization found that $20 billion in revenue in this package will come from audits on people making under $400,000 a year. neil. neil: that is where the money is, the middle class, stands to good reason. hillary vaughn at the white house. douglas holtz-eakin former congressional budget office director. doug, always good to see you. despite targeting rich and companies, paying