Skip to Main Content

Biden Considering Gas Tax Holiday: July 4th weekend the target

A few states have already imposed a gas tax suspension due to the sharp rise in prices and inflation.  This was done, providing many Americans some relief at the pump.  Now, President Biden is strongly considering utilizing a gas tax suspension at the federal level ahead of the July 4th weekend coming up, which typically sees millions of Americans hitting the road for the long weekend.

The Current State of Gas Prices

On Monday, the national average for gas per gallon was $4.98 according to AAA. This marks the highest oil and refined fuel prices the country has seen in 14 years. This is largely in part due to Russia’s invasion of Ukraine and resulting sanctions on gas and oil, as well as the high energy use as the country, is recovering from the pandemic. When gas prices surged in March of this year, the White House went to the Strategic Petroleum Reserve, ordering the release of up to one million barrels a day for 180 days in hopes of providing relief. The overall impact of this hasn’t been big enough for many Americans to take notice, however.

Bidens Plan

If the gas tax is to get suspended, it would relieve 18.4 cents per gallon! “I hope I have a decision based on the data I’m looking for by the end of the week,” said the president.  Biden also said on Monday, that he and his team plan to meet sometime this week with chief executives of major oil companies. Both Biden and Americans alike are hoping to have this done ahead of the July 4th weekend.

Last week, Biden reprimanded some of these companies for profiteering while the American people suffer these increasingly high prices at the pump.  This could be another signal toward the potential windfall tax to be used.

Wrap up

It’s clear the government is trying to do something to curb the historical surge in gas prices, whether or not they come to a solution, remains to be seen. If Biden can figure out how to push this suspension through ahead of the busy July 4th weekend, this would be a delight to the millions of Americans that are expected to be traveling for the holiday.

This entry was posted in Blog, News & Articles and tagged , , , , . Bookmark the permalink. Follow any comments here with the RSS feed for this post. Both comments and trackbacks are currently closed.