U.S. President Joe Biden wants Congress to suspend the federal fuel tax for three months to help lower record gasoline prices that threaten some of his fellow Democrats who are candidates in the Nov. 8 congressional elections.
The federal fuel tax is 18.4 cents a gallon for gasoline and 24.4 cents a gallon for diesel, a level that hasn't changed since 1993. At that time, gasoline cost about $1.05 per gallon, compared to just under $5.00 today, meaning it is a much smaller component of the overall pump price now.But it is still an important source of public revenue. Congress first imposed it in 1932 during the Great Depression as a way to help revitalize the economy.
Alaska has the lowest at about 9 cents a gallon, while Texas, a big oil producing and refining state, has a 20 cent per gallon gasoline tax. If a fuel tax holiday was passed by Congress it may not help consumers much. Temporarily reducing fuel prices, for example, could simply boost demand by leading drivers to consider longer trips and avoid car-pooling and mass transit. That, in turn, could mean prices head back to where they were, or even higher.
Biden's request "is dead on arrival," Senator John Thune, the second-ranking Republican in the chamber, said on Wednesday.
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