President Joe Biden said on Monday that he was considering a federal vacation with gasoline tax, it might save 18.4 cents per gallon.
Yes, I consider it, Biden told reporters after walking along the coast. I hope to have a decision based on the data I am looking for at the end of the week.
Administration is increasingly looking for ways to set aside Americans from a higher price at the pump, which began to rise last year and jumped after Russia invaded Ukraine in February. The national gas price is only under $ 5 per gallon, according to AAA.
Biden administration has released oil from the U.S. Strategic Reserves And increasing the mixing of ethanol for summer, additional to sending a letter last week to the oil rectangle that urged them to increase their purification capacity.
However, these efforts have not reduced price pressure significantly, so that administration is now considering a gas tax vacation. Tax on gasoline and diesel fuel helps pay the highway.
The Penn Wharton budget model released an estimated Wednesday which showed that consumers saved at the pump because of the gas tax vacation in Connecticut, Georgia and Maryland. The majority of savings are given to consumers, instead of service stations and others in the energy sector.
On Sunday in an interview at ABCS this week, Minister of Finance Janet Yellen expressed openness to the federal gas tax holiday to provide assistance to motorists.
