Biden wants to suspend the 18.4 cents-a-gallon tax on gas and 24.4 cents-a-gallon on diesel fuel, administration officials say. Prices are averaging about $5 a gallon nationwide.
that also reveals the political toxicity of high gas prices in an election year.
Biden's energy adviser Amos Hochstein pushed back on Wednesday, saying consumers could save about 50 cents per gallon if Congress and the states heed the president's call. Biden's past efforts to cut gas prices — including the release of oil from the U.S. strategic reserve and greater ethanol blending this summer — have done little to produce savings at the pump, a risk that carries over to the idea of a gas tax holiday.
The president can do remarkably little to fix prices that are set by global markets, profit-driven companies, consumer demand and aftershocks from Russia's invasion of Ukraine and the embargoes that followed. The underlying problem is a shortage of oil and refineries that produce gas, a challenge a tax holiday cannot necessarily fix.
Senate Republican leader Mitch McConnell mocked the idea of a gas tax holiday in a February floor speech. "They’ve spent an entire year waging a holy war on affordable American energy, and now they want to use a pile of taxpayers’ money to hide the consequences," he said.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Biden Trades Sharp Words With Chevron Chief Over High Gas PricesThe president said he 'didn’t know [oil company executives would] get their feelings hurt that quickly.'
Weiterlesen »
Biden, Chevron chief trade sharp words over gas pricesBiden says he has little sympathy for the oil companies and that they need to increase production.
Weiterlesen »
Biden, Chevron Chief Trade Sharp Words Over Gas PricesIn a pointed back and forth, the head of Chevron complained Tuesday that President Joe Biden has vilified energy firms at a time when gasoline prices are at near record levels and the president responded that the oil company CEO was being “mildly sensitive.” The president in recent weeks has criticized oil producers and refiners for maximizing profits and making…
Weiterlesen »
Biden to ask Congress to pause gas tax amid record pump pricesU.S. President Joe Biden on Wednesday will call on Congress to pass a three-month suspension of the federal gasoline tax to help combat record pump prices, according to a senior administration official.
Weiterlesen »
18-year-old alleged catalytic converter thief leads police on chase from NW Houston to BaytownRoad spikes were able to stop the teenage suspect in his tracks. Police then uncovered what they believe the saw was used for: three catalytic converters.
Weiterlesen »