Biden Pushes Gas Tax Holiday As Prices Reach Record Levels
In an effort to curtail rising gas prices, President Joe Biden is pushing Congress to implement a “gas tax holiday” where the federal gas tax would be temporarily suspended.
The administration is facing increasing pressure from Americans as gas prices average over five dollars a gallon.
In a conversation with reporters, Biden assured the country that efforts were underway to find additional ways to reduce costs.
“I hope I have a decision based on the data I’m looking for by the end of the week,” Biden said.
The move would require approval from Congress, but the outlook is still unclear for the legislation. In the past, Democrats have suggested the gas tax holiday but Senate Minority Leader Mitch McConnell (R-Kentucky) has dismissed the suggestion.
With the midterm elections approaching, Democrats want to implement any relief measures as quickly as possible. According to data from the AAA, the price for ordinary gas is $4.98 per gallon.
Though the Biden administration has released supply from oil reserves, the effect of action has been negligible with gas prices falling only slightly.
In a letter directed to oil companies, Biden criticized their profits and lack of initiative to lower prices for consumers.
The President is also set to meet the top executives of oil companies in the coming weeks.
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