Biden says he's considering asking for a gas tax holiday

REHOBOTH BEACH, Del. – President Biden said Monday he was considering seeking a gasoline tax exemption to mitigate high fuel prices, a ...


REHOBOTH BEACH, Del. – President Biden said Monday he was considering seeking a gasoline tax exemption to mitigate high fuel prices, a major political dilemma for the White House as it struggling to cope with record inflation.

“I hope to have a decision based on the data I’m looking for by the end of the week,” the president told reporters in Delaware.

Suspending the gasoline tax, which is 18.4 cents per gallon, would require congressional action. In February, when Democratic lawmakers explored the ideaSenator Mitch McConnell of Kentucky, the Republican leader, called it a gimmick.

The national average for regular gasoline was $4.98 a gallon on Monday, according to AAAafter $5 topping this month. Oil and refined fuel prices hit their highest level in 14 years, largely due to The Russian invasion of Ukraine and resulting sanctions, as well as a rebound in energy consumption as the economy recovers from the coronavirus pandemic.

The White House and congressional Democrats have been discussing a nationwide gas tax exemption as one of the few options to reduce the cost at the pump, as external factors have been key drivers behind the surge. price. The high cost of gas is emerging as a significant handicap for Mr. Biden and Democratic lawmakers as the midterm elections approach.

When gas prices jumped in March, the White House turned towards the Strategic Petroleum Reserve, ordering the release of up to one million barrels of oil a day for 180 days in hopes of meeting demand. The overall effect has been limited and gasoline prices remain close to record highs.

Mr Biden said on Monday that his team planned to meet with the CEOs of major oil companies this week. He reprimanded some of the biggest oil companies last week to make a profit as US consumers suffered high prices.

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Newsrust - US Top News: Biden says he's considering asking for a gas tax holiday
Biden says he's considering asking for a gas tax holiday
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