Biden will decide on a federal gas tax holiday by the end of the week

There is a national average price for a gallon of gasoline Fell to $ 4,981but that’s barely below the record $ 5,016 set on June 14.

However, as President Biden has confirmed that he will consider a federal gas tax holiday, there may be some relief on the horizon. Speaking to reporters in Delaware, Biden acknowledged that he was “considering it” and hoped that a “data-based decision” would be made by the end of the week.

Although it is unknown whether Biden will sign the proposal, many drivers will probably support the move. as USA Today The federal tax on gasoline is 18.4 cents per gallon and on diesel 24.4 cents. As a result, refilling 20 gallons during the proposed gas tax holiday could save drivers $ 3.68 on gas or $ 4.88 on diesel.

Also read: The Biden administration has said it will consider sending “gas discount cards” to Americans

As Energy Secretary Jennifer Granholm noted over the weekend, the proposal has shortcomings. On CNN’s “State of the Union” program, he acknowledged that “part of the problem with the gas tax is, of course, that it finances the roads, and we’ve drafted a major infrastructure bill to help finance the roads.”

Granholm is not the only Democrat to point out the problems with the proposal, as former USA Today Treasury Secretary Larry Summers called the idea of ​​a gas tax holiday “disturbing, inefficient, stupid and insidious.”

It should be noted that President Biden is ready to do something to reduce gas prices, as US budgets are under attack from all sides due to the worst inflation in recent decades. Also, the federal gas tax holiday may be easier than the gas discount cards issued last week.

NBC News The White House says millions of Americans usually make statements on the weekend of the fourth of July. However, as the gas tax holiday requires congressional approval, this benefit does not seem to be immediate and can be difficult.

RC Verma

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