Posted 1 day ago
President Joe Biden has pushed a series of policies and executive actions to lower gasoline prices, but has yet to back boosting domestic oil production.
The president called on Congress Wednesday to implement a three-month gas tax holiday which would reduce pump prices by 18 cents a gallon and diesel fuel prices by 24 cents per gallon. Pushing a temporary gas tax pause is Biden's latest attempt to address gasoline prices which remain near all-time highs, according to AAA data.
"President Biden understands that a gas tax holiday alone will not, on its own, relieve the run up in costs that we’ve seen," the White House said in an announcement. "But the President believes that at this unique moment when the war in Ukraine is imposing costs on American families, Congress should do what it can to provide working families breathing room."
In recent months, Biden has ordered three separate releases from the Strategic Petroleum Reserve and issued a waiver allowing the sale of gas with higher biofuel concentration as prices skyrocketed. The president warned oil companies last week he would take action if they didn't boost petroleum refining capacity.
The White House has also reportedly weighed a fuel export ban and gas rebate program.
However, the Biden administration has simultaneously doubled down on its climate agenda, canceling multiple oil and gas lease sales, revoking the Keystone XL pipeline permit and begging Middle Eastern producers to boost output.
"This is an election year gimmick," Daniel Turner, the executive director of energy group Power The Future, said of a potential gas ta... (Read more)