The Democratic president will also call on states to suspend their own gas taxes or provide similar relief.
WASHINGTON — President Joe Biden on Wednesday will call on Congress to suspend federal gasoline and diesel taxes for three months — an election year move meant to ease financial pressures at the pump as the public is increasingly concerned about high gas prices and inflation.
It’s unclear, though, if Biden could push such a proposal through Congress, where many lawmakers, including some in his own party, have expressed reservations. And even many economists view the idea of a gas tax holiday with skepticism. “That’s not a gimmick,” Hochstein, senior adviser for global energy security at the State Department, said on CNN. “That’s a little bit of breathing room for the American people as we get into the summer driving season.”
Biden’s past efforts to cut gas prices — including the release of oil from the U.S. strategic reserve and greater ethanol blending this summer — have done little to produce savings at the pump, a risk that carries over to the idea of a gas tax holiday. The president can do remarkably little to fix prices that are set by global markets, profit-driven companies, consumer demand and aftershocks from Russia’s invasion of Ukraine and the embargoes that followed. The underlying problem is a shortage of oil and refineries that produce gas, a challenge a tax holiday cannot necessarily fix.
Senate Republican leader Mitch McConnell mocked the gas tax holiday as an “ineffective stunt” in a Wednesday floor speech. “This ineffective administration’s big new idea is a silly proposal that senior members of their own party have already shot down well in advance,” he said.
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Biden to call for 3-month suspension of gas and diesel taxesPresident Joe Biden is preparing to call on Congress to suspend the federal gasoline and diesel taxes for three months.
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Biden to call for 3-month suspension of gas and diesel taxesPresident Joe Biden is preparing to call on Congress to suspend the federal gasoline and diesel taxes for three months.
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Biden to call for 3-month suspension of gas and diesel taxesPresident Biden will call on Congress to suspend federal gasoline and diesel taxes for 3 months — a move meant to ease financial pressures at the pump.
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Biden to call for 3-month suspension of gas and diesel taxesPresident Joe Biden is preparing to call on Congress to suspend the federal gasoline and diesel taxes for three months.
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