Biden asks Congress to pause gas tax to help lower record pump prices

22/6/2022 9:42:00 PM

OIL & GAS: Biden asks Congress to pause gas tax to help lower record pump prices - Reuters

OIL & GAS: Biden asks Congress to pause gas tax to help lower record pump prices - Reuters

WASHINGTON (June 22): US President Joe Biden on Wednesday called on Congress to pass a three-month suspension of the federal gasoline tax to help combat record pump prices and provide temporary relief for American families this summer.'We can bring down the price of gas and give families just a little bit of relief,' Biden said in a White House address.The president also urged States to temporarily suspend State fuel taxes, which are often higher than federal rates, the official

WASHINGTON (June 22): US President Joe Biden on Wednesday called on Congress to pass a three-month suspension of the federal gasoline tax to help combat record pump prices and provide temporary relief for American families this summer."We can bring down the price of gas and give families just a little bit of relief," Biden said in a White House address.

The president also urged States to temporarily suspend State fuel taxes, which are often higher than federal rates, the official said, and will challenge major oil companies to bring ideas on how to bring back idled refining capacity when they meet with his energy secretary on Thursday.

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A WASHINGTON (June 22): US President Joe Biden on Wednesday called on Congress to pass a three-month suspension of the federal gasoline tax to help combat record pump prices and provide temporary relief for American families this summer.for the latest news you need to know.A HOUSTON/WASHINGTON (June 22): Chevron Chief Executive Michael Wirth on Tuesday rebutted White House officials' criticism of the oil industry over energy costs, saying reducing fuel prices will require"a change in approach" by the government.for the latest news you need to know.

"We can bring down the price of gas and give families just a little bit of relief," Biden said in a White House address. The president also urged States to temporarily suspend State fuel taxes, which are often higher than federal rates, the official said, and will challenge major oil companies to bring ideas on how to bring back idled refining capacity when they meet with his energy secretary on Thursday. “To the best of my knowledge, they’re not under consideration, at least as part of the things that the president is currently looking at,” Yellen said of the anti-subsidy duties of 11. Biden and his advisers have been discussing the issue for months amid increasing pressure to act as record-high gas prices weigh down the president's poll ratings and cast a dark cloud over Democrats' chances of retaining congressional power in November's elections. oil industry and President Joe Biden over who is to blame for high fuel prices that have helped drive inflation to 40-year highs. A suspension of the 18. She made the remarks to reporters during a visit to the Rosebud Sioux Tribe reservation in South Dakota.4 cents per gallon federal gasoline tax and 24.4 billion) from President Joe Biden’s Bipartisan Infrastructure Law.

4 cent diesel tax would require congressional approval, likely making Biden's pitch largely symbolic. Lumber and building material prices have soared over the past year, as demand for construction surged as the Covid-19 pandemic eased. "Your administration has largely sought to criticize, and at times vilify, our industry," Wirth said in a letter to Biden. Lawmakers in both parties have expressed resistance to suspending the tax, with some Democrats, including House of Representatives Speaker Nancy Pelosi, worried the move could have limited effect on prices if oil companies and retailers pocket much of the savings. Biden asked Congress to suspend the fuel tax through September, a move that will cost the Highway Trust Fund roughly US$10 billion in forgone revenue but could be made up from other areas of a budget that is seeing revenue grow and deficits shrink as the United States emerges from the Covid-19 pandemic. The cuts are potentially substantial, but the scale has not been decided, according to the sources. Peter DeFazio, a Democrat and the chair of the House Committee on Transportation and Infrastructure, told reporters Wednesday a federal gas tax holiday would provide"miniscule relief" while blowing a budget hole in a Highway Trust Fund needed to fix crumbling bridges and build a modern infrastructure system. "I didn't know they'd get their feelings hurt that easily," the president said, when asked about Wirth's letter." Some States, such as New York and Connecticut, have already paused State fuel taxes, while others have floated ideas such as consumer rebates and direct relief. In November 2021, Biden signed into law a US$1 trillion infrastructure bill that would create jobs by dispersing billions of dollars to state and local governments to fix crumbling bridges and roads and by expanding broadband internet access to millions of Americans.

Refiners are struggling to meet global demand for diesel and gasoline, exacerbating high prices and aggravating shortages. Read full story "Pausing the federal gas tax will certainly provide near-term relief for US drivers, but it won’t solve the root of the issue — the imbalance in supply and demand for petroleum products," a spokesperson for the American Fuel and Petrochemical Manufacturers industry group said.N of making"more money than God" and not drilling enough in comments in Los Angeles earlier this month. Longer-term policies are still needed to boost U.S. energy production, it said. "We need an honest dialogue," Wirth said.

US pump prices are averaging near US$5 a gallon as soaring demand for motor fuels coincides with the loss of about 1 million barrels per day of processing capacity. In the last three years many plants were closed when fuel demand cratered at the height of the pandemic Subscribe to Mid-day email alert We deliver news to your inbox daily .