President Biden Proposes Gas Tax Holiday
President Joe Biden wants to suspend the federal gasoline and diesel fuel taxes for three months. “We want oil companies to use their profits to increase refining capacity rather than buy back their own stock. We need gas stations to pass along a decrease in oil prices to lower prices at the pump. It doesn’t reduce all of the pain, but it would be a big help.” The plan is to eliminate the federal gas tax of 18.4 cents per gallon and 24.4 cents per gallon for diesel through September. This would cost $10 billion, but Biden wants to offset the loss of highway revenue. The measure needs Congressional approval, which is not guaranteed.