Biden says he is contemplating a gasoline tax vacation
REHOBOTH BEACH, Del. — President Joe Biden stated Monday that he is contemplating a federal vacation on the gasoline tax, presumably saving Americans as a lot as 18.4 cents a gallon.
“Yes, I’m considering it,” Biden instructed reporters after taking a stroll alongside the seashore. “I hope to have a decision based on the data — I’m looking for by the end of the week.”
The administration is more and more on the lookout for methods to spare Americans from larger costs on the pump, which started to climb final 12 months and surged after Russia invaded Ukraine in February. Gas costs nationwide are averaging just below $5 a gallon, in line with AAA.
The Biden administration has already launched oil from the U.S. strategic reserve and elevated ethanol mixing for the summer season, in extra to sending a letter final week to grease refiners urging them to extend their refining capability. Yet these efforts have but to cut back value pressures meaningfully, such that the administration is now contemplating a gasoline tax vacation. Taxes on gasoline and diesel gas assist to pay for highways.
The Penn Wharton Budget Model launched estimates Wednesday exhibiting that customers saved on the pump due to gasoline tax holidays in Connecticut, Georgia and Maryland. The majority of the financial savings went to customers, as a substitute of service stations and others within the power sector.
On Sunday in an interview on ABC’s “This Week,” Treasury Secretary Janet Yellen expressed an openness to a federal gasoline tax vacation to provide motorists some reduction.
Biden says he is contemplating a gasoline tax vacation.
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