President Biden has moved forward with a full-throated call to suspend the federal gas tax for three months alongside other new actions to attack one of the biggest drivers of inflation.

During the speech Wednesday at the White House, the president called for a suspension of both federal and state gas taxes through September — which would require new legislation from Congress — as well as new actions by the oil industry to pass along savings to consumers more quickly and also quickly increase refining capacity, 

The suite of actions taken together has the potential to reduce the cost of a gallon of gas by around $1, Biden aides say, but each measure could face an uphill battle from lawmakers on Capitol Hill to executives at the top gas companies.

By suspending the federal gas tax “we can bring down the price of gas and bring families just a little bit of relief,” Biden said during his speech Wednesday.

President Joe Biden speaks about gas prices in the South Court Auditorium at the White House campus on June 22. (Drew Angerer/Getty Images)Drew Angerer via Getty Images

The price of gas has risen dramatically in recent months with the most recent data from the American …read more



Leave a Reply

Your email address will not be published. Required fields are marked *