President Joe Biden said Monday that he is considering exposing the federal gas tax break that Could Lower Oil Prices Why Americans Continue to Struggle with Dramatic Levels of Inflation.
“I hope I can make a decision based on the data. “I’m looking forward to the end of the week,” the president told Delaware reporters, adding that he was “considered” the proposal.
This requires congressional action, and any gas tax cuts would limit federal revenue used to pay for highways.
The gas bill is currently 18.4 cents per gallon and its cessation would help reduce the price of a pump which averaged $ 4.98 per gallon on Monday nationwide. Prices are higher in some states, particularly in California, where the average price per gallon is $ 6.39, according to AAA.
These prices were slightly below the average of more than $ 5 per gallon earlier this month, but represent a bad increase for millions of Americans considering rising rent and food prices. .
Biden earlier this year ordered the release of millions of barrels of oil from the country’s strategic oil reserve, as the government increased the amount of ethanol blended into the fuel to stop recording prices. But these actions so far have stopped costs.
The White House cited Russia’s ongoing war with Ukraine as a major driver of price volatility. But Biden also criticized oil companies for not helping cover costs, noting that those companies made billions in profits during the crisis.
“I want to explain why they no longer produce oil,” Biden said Monday before members of his administration met with oil leaders over the weekend.
It’s unclear how long a potential gas tax exemption could last, and some Democrats have expressed opposition in the past. House Speaker Nancy Pelosi (D-California) said the problem has not been resolved, but said yes Only “good PR” In April, adding that “there is no guarantee that federal tax cuts will be brought. To consumers”.
Last week, the White House sent letters to major oil companies in the country threatening to use emergency powers if they did not commit to lowering prices for consumers. However, fuel companies are not changing.
“During the war, the profit margin of an above-normal processing plant, which goes directly to American families, was unacceptable,” the president said. write of. “Your companies must work with my administration to find a concrete and immediate solution to the crisis”.
Source: Huffpost
