ANI
23 Jun 2022, 01:18 GMT+10
Washington [US], June 22 (ANI): US President Joe Biden will call on Congress to suspend federal gasoline and diesel taxes for three months, according to the White House, which added that the President will also call on states to suspend their own gas taxes or provide similar relief.
At issue is the 18.4 cents-a-gallon federal tax on gas and the 24.4 cents-a-gallon federal tax on diesel fuel. If the gas savings were fully passed along to consumers, people would save roughly 3.6% at the pump when prices are averaging about $5 a gallon nationwide.
The White House in its fact sheet stated that at present the federal government charges an 18 cent tax per gallon of gasoline and a 24 cent tax per gallon of diesel.
"Those taxes fund critical highways and public transportation, through the Highway Trust Fund. But in this unique moment, with gas prices near $5 a gallon on average across the country, President Biden is calling on Congress to suspend the gas tax for three months - until the end of September - to give Americans a little extra breathing room as they deal with the effects of Putin's war in Ukraine," the statement added.
"With our deficit already down by a historic $1.6 trillion this year, the President believes that we can afford to suspend the gas tax to help consumers while using other revenues to make the Highway Trust Fund whole for the roughly $10 billion cost," it added.
The statement added that President Biden understands that a gas tax holiday alone will not, on its own, relieve the run-up in costs that "we've seen".
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, it added.
The United States produced more oil under the first year of the Biden administration than it did under the first two years of the Trump administration, and is on track to set new records next year, the statement read. (ANI)
Get a daily dose of Oregon Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Oregon Telegraph.
More InformationManila[Philippines], June 25 (ANI): The Philippines has terminated talks with China for a joint energy project in the South China ...
Zurich [Switzerland], June 25 (ANI): The Executive Board (EB) of the International Olympic Committee (IOC) has decided that the boxing ...
Dublin [Ireland], June 25 (ANI): The Indian Junior Women's Hockey Team is all set to take on the Netherlands in ...
Washington [US], June 25 (ANI): US President Joe Biden on Saturday signed into law a bipartisan gun safety bill in ...
Washington [US], June 25 (ANI): Researchers describe the morphological and genomic features of a 'macro' microbe' -- a giant filamentous ...
Los Angeles FC are finalizing a deal with Welsh superstar Gareth Bale, multiple outlets reported Saturday. The 32-year-old forward will ...
WASHINGTON D.C.: Despite weather and staffing issues resulting in travel disruptions, last week the U.S. Transportation Security Administration (TSA) screened ...
NEW YORK, New York - Disappointing economic data put an end to Wall Street's recent rally Tuesday, with all indices ...
LONDON, England: According to a report in the UK's Guardian newspaper, a government advisory agency, the National Health Service Pay ...
SYDNEY, NSW, Australia - Stocks in Asia rose on Tuesday after China announced it would halve quarantine from 14 days ...
LONDON, England: As prices in stores throughout Britain rise, British consumers shopped less in May and also expressed less confidence ...
SAN FRANCISCO, California: General Motors' self-driving Cruise division has begun charging fares for driverless rides in San Francisco.Earlier this month, ...