June 22, 2022—With the prices at the gas pump adding to inflation and the congressional elections just around the corner, U.S. President Joe Biden is likely feeling the pressure. Today, he announced plans to bring down the price Americans are paying for gasoline by suspending the federal tax on it.
The U.S. inflation rate hit 8.6 percent this month, with oil and gas prices leading the climb. Political pressure is mounting for the president to do something.
Today, Biden asked Congress to waive the federal gas tax for three months. Consumers pay 18 cents in tax on every gallon. Furthermore, the president called on U.S. states to match that gas-tax holiday with reductions in gas tax of their own. And, finally, Biden asked oil refineries to turn more petroleum into gasoline.
“By suspending the 18-cent gas tax — federal gas tax for the next 90 days, we can bring down the price of gas and give families just a little bit of relief,” Biden said.
Biden’s statement is available here.
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