Rehobos Beach, Delaware — President Biden considers on Monday seeking a petrol tax vacation to mitigate fuel price hikes, a major political dilemma for the White House struggling to deal with record inflation. He said he was doing it.
“I hope to make a decision by the weekend based on the data I’m looking for,” the president told Delaware reporters.
Parliamentary action is required to suspend the 18.4 cents per gallon gasoline tax. In February, when Democrats considered the idea, Republican leader Mitch McConnell, a Kentucky senator, dismissed it as a gimmick.
The national average for regular gasoline on Monday was $ 4.98 per gallon. According to AAAAfter breaking through $ 5 this month. Oil and refined fuel prices have risen to their highest levels in 14 years, primarily due to Russia’s invasion of Ukraine and its consequent sanctions, as well as the recovery of energy use as the economy recovers from the coronavirus pandemic.
The White House and Congressional Democrats discussed the national petrol tax holiday as one of the few options for lowering pump costs, as external factors were the main factor in the price hike. As the midterm elections approach, the high cost of gas is imminent as a major responsibility for Mr. Biden and Democrats.
When gasoline prices soared in March, the White House turned to strategic petroleum reserves and ordered up to 1 million barrels of oil per day to be released for 180 days in hopes of meeting demand. The overall impact is limited and gas prices remain close to record highs.
Biden said on Monday that his team plans to meet with the CEOs of major oil companies this week. He accused some of the biggest oil companies last week for making a profit while American consumers endured highs.