Politics

President Biden asks Congress to suspend federal gas tax for 3 months

President Biden called on Congress on Wednesday to act to relieve Americans from soaring gas prices by implementing a 3-month federal gas tax holiday, which would save drivers about 18.4 cents per gallon of regular fuel.

The president delivered a scathing rebuke of the energy industry for what he sees as prioritizing profits over people, after Q1 figures showed Big Oil companies pocketed record profits as demand for fuel surged.

“My message is simple. To the companies running gas stations and setting those prices at the pump: This is a time of war, global peril, Ukraine. These are not normal times,” said the President. “Bring down the price you are charging at the pump to reflect the cost you are paying for the product. Do it now. Do it today. Your customers, the American people, they need relief now.”

The three month gas tax suspension would save drivers about 18.4 cents a gallon on regular fuel, and 24.4 cents a gallon on diesel fuel through the end of Summer. Biden also called on state governments to halt their own gas taxes for the Summer months to further assist Americans as gas prices hover dangerously close to $5 a gallon again, with Thursday’s national average at $4.94 per gallon.

Biden called for a multifaceted approach to the gas price crisis, asking everyone from Big Oil execs to gas station owners for their help. “Today, I’m calling for a federal gas tax holiday, state gas tax holiday for [or] the equivalent relief to consumers; oil companies to use their profits to increase refining capacity rather than buy back their own stock; gas stations to pass along the … decrease in oil prices to lower prices at the pump.”

ARTICLE: LAURA SPIVAK

MANAGING EDITOR: CARSON CHOATE

PHOTO CREDITS: NEW YORK TIMES

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