I want to be very clear, the president is calling on Congress to take this step to help American families without harming the Highway Trust Fund, which is funded by these taxes," a senior administration official said Tuesday evening.
The official suggested that the federal government's budget deficit shrinking by $1.6 trillion this year gives the U.S. leeway to suspend the gas tax while using other revenues to make the Highway Trust Fund whole for the roughly $10 billion cost.
OBAMA CALLED GAS TAX HOLIDAY A ‘GIMMICK’ IN 2008 AS BIDEN NOW SAYS HE'S CONSIDERING IT
The federal government currently charges 18 cents in taxes per gallon of gasoline and 24 cents per gallon of diesel, the official said.
Biden will also call on states, oil companies and retailers to pause gas taxes. The Penn Wharton Budget Model published estimates Wednesday revealing that gas tax holidays in Georgia, Maryland and Connecticut saved consumers money at the pump. Most of the savings in these areas went to consumers instead of service stations and others in the energy sector.
The cost of gas began to soar last fall and continued to rise following Russia's invasion of Ukraine in late February, although the administration is framing the increase in gas prices as the "Putin price hike."
"[Biden] believes that states, oil companies and retailers have a responsibility in this unique moment – to do their part to ameliorate Putin's price hike," the official said. "He's calling on states to suspend their gas taxes or else find other ways to deliver the same relief, such as consumer rebates or relief payments."
the president accused oil refiners of driving up gas prices in letters sent last week to seven refinery operators, including Chevron, ExxonMobil and BP. But oil refiners have said their ability to produce additional gas and diesel fuel is limited.
American Petroleum Institute and American Fuel & Petrochemical Manufacturers sent a joint letter to Biden last week saying that refineries are already operating close to their maximum capacity and nearly half of the capacity taken off-line was because of the facilities converting to renewable energy production.
And Chevron CEO Michael Wirth wrote a letter to Biden Tuesday pointing out that the company works every day to "help provide the world with the energy it demands and to lift up the lives of billions of people who rely on these supplies."
He continued, "Notwithstanding these efforts, your Administration has largely sought to criticize, and at times vilify, our industry. These actions are not beneficial to meeting the challenges we face and are not what the American people deserve."
https://www.foxbusiness.com/politics/biden-congress-gas-tax-holiday-3-months
The official suggested that the federal government's budget deficit shrinking by $1.6 trillion this year gives the U.S. leeway to suspend the gas tax while using other revenues to make the Highway Trust Fund whole for the roughly $10 billion cost.
OBAMA CALLED GAS TAX HOLIDAY A ‘GIMMICK’ IN 2008 AS BIDEN NOW SAYS HE'S CONSIDERING IT
The federal government currently charges 18 cents in taxes per gallon of gasoline and 24 cents per gallon of diesel, the official said.
Biden will also call on states, oil companies and retailers to pause gas taxes. The Penn Wharton Budget Model published estimates Wednesday revealing that gas tax holidays in Georgia, Maryland and Connecticut saved consumers money at the pump. Most of the savings in these areas went to consumers instead of service stations and others in the energy sector.
The cost of gas began to soar last fall and continued to rise following Russia's invasion of Ukraine in late February, although the administration is framing the increase in gas prices as the "Putin price hike."
"[Biden] believes that states, oil companies and retailers have a responsibility in this unique moment – to do their part to ameliorate Putin's price hike," the official said. "He's calling on states to suspend their gas taxes or else find other ways to deliver the same relief, such as consumer rebates or relief payments."
the president accused oil refiners of driving up gas prices in letters sent last week to seven refinery operators, including Chevron, ExxonMobil and BP. But oil refiners have said their ability to produce additional gas and diesel fuel is limited.
American Petroleum Institute and American Fuel & Petrochemical Manufacturers sent a joint letter to Biden last week saying that refineries are already operating close to their maximum capacity and nearly half of the capacity taken off-line was because of the facilities converting to renewable energy production.
And Chevron CEO Michael Wirth wrote a letter to Biden Tuesday pointing out that the company works every day to "help provide the world with the energy it demands and to lift up the lives of billions of people who rely on these supplies."
He continued, "Notwithstanding these efforts, your Administration has largely sought to criticize, and at times vilify, our industry. These actions are not beneficial to meeting the challenges we face and are not what the American people deserve."
https://www.foxbusiness.com/politics/biden-congress-gas-tax-holiday-3-months
