US & World

Biden-Chicago Tribune Considering Gasoline Tax Holidays To Save Consumers With Pumps

Rehobos Beach, Delaware — President Joe Biden said on Monday that he was considering a federal holiday for the fuel tax, potentially saving US consumers as much as 18.4 cents a gallon.

“Yes, I’m considering it,” Biden told reporters after taking a walk on the beach near the villa in Delaware. “I want to make a decision based on the data. I’m looking for it by the weekend.”

The government has begun to rise last year and is increasingly looking for ways to save the public from the surge in pump prices after Russia invaded Ukraine in February. According to AAA, national gasoline prices average just under $ 5 per gallon.

Biden said members of his team will meet with the CEOs of major oil companies this week to discuss rising prices. Biden blamed oil companies hard and said they were making excessive profits when people were feeling the crisis of rising costs with pumps and inflation. But Biden said he would never meet an oil executive himself.

“I want an explanation as to why they don’t refine more oil,” Biden said.

The Biden administration has already freed oil from US strategic reserves and increased ethanol mixing for the summer. Last week, I sent a letter to oil refiners urging them to increase their refining capacity. However, these efforts have not yet reduced meaningful price pressures, and the government is currently considering a gasoline tax exemption. Taxes on gasoline and diesel fuel help pay for highways.

The Penwarton budget model shows estimates released Wednesday, showing consumers pumping savings for petrol tax holidays in Connecticut, Georgia and Maryland. Most of the savings were directed to consumers, not to service stations and other institutions in the energy sector.

In an interview with ABC “this week” on Sunday, Treasury Secretary Janet Yellen announced her openness to federal gas tax holidays to give drivers some reassurance.

Oil refiners say their capacity to produce additional gas and diesel fuel is limited. That is, prices could remain high unless demand begins to decline.

Sent by the American Petroleum Institute and American fuel and petrochemical manufacturers Joint letter He told Biden on Wednesday that the refinery was already operating near its maximum capacity and that nearly half of the capacity taken offline was due to the conversion of the facility to renewable fuel production.

“Today’s situation will not happen overnight and will not be resolved soon,” the letter said. “We encourage you to take steps to promote domestic energy production, such as new infrastructure and reduced regulatory burdens, to protect and nurture US energy security and refining capacity.”

Biden, walking on the beach with his daughter Ashley, granddaughter Naomi, and granddaughter’s fiancé, frequently stopped by beach fans who were spending June’s federal holidays on the beach.

He took some time to provide a guarantee for inflation — the consumer price index rose to a nearly 40-year high of 8.6% from the same month a year ago to May — and a recession is imminent. There are growing warnings from economists that they may be imminent.

“Everyone is going to get over this,” Biden told a group of beach fans.

Last week, the Federal Reserve strengthened its move to curb inflation by raising key interest rates by three-quarters. This is the largest increase in almost 30 years and indicates that there will be further significant rate hikes in the future.

Former Treasury Secretary Larry Summers told NBC’s “Meet the Press” on Sunday that “it’s likely that there will be a recession in the US economy by the end of next year,” he estimates.

Mr Biden said he spoke with Mr Summers, who was Treasury Secretary in the Clinton administration, on Monday morning.

“There is nothing inevitable about the recession,” Biden said.

Boak reported from Baltimore.

Biden-Chicago Tribune Considering Gasoline Tax Holidays To Save Consumers With Pumps

Source link Biden-Chicago Tribune Considering Gasoline Tax Holidays To Save Consumers With Pumps

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