REHOBOTH BEACH, Del. – President Biden said Monday he was considering asking for a gas tax exemption to ease high fuel prices, a major political dilemma for the White House as it struggles to tackle record inflation.
“I hope to have a decision by the end of the week based on the data I’m looking for,” the president told reporters in Delaware.
Suspending the gas tax, which is 18.4 cents per gallon, would require action from Congress. In February, when Democratic lawmakers were investigating the idea, Republican leader Kentucky Senator Mitch McConnell dismissed it as a gimmick.
The national average for regular gasoline was $4.98 a gallon Monday, according to AAA, after exceeding $5 this month. Oil and refined fuel prices have soared to their highest level in 14 years, largely as a result of Russia’s invasion of Ukraine and ensuing sanctions, as well as an uptick in energy consumption as the economy recovers from the coronavirus pandemic.
The White House and Democrats in Congress have discussed a national gas tax break as one of the few options to cut costs at the pump, as external factors have been the main drivers of rising prices. The high cost of gas looms as a major obligation for Biden and Democratic lawmakers as the midterm elections approach.
When gasoline prices rose in March, the White House turned to the Strategic Petroleum Reserve and ordered the release of up to one million barrels of oil per day for 180 days in hopes of meeting demand. The overall effect has been limited and gas prices remain close to record highs.
Mr Biden said Monday that his team planned to meet the chief executives of major oil companies this week. He reprimanded some of the largest oil companies for profit last week while US consumers had to endure high prices.
