Unlikely to pass a gas tax holiday through the Senate, Majority Leader Chuck Schumer (D-N.Y.) said that Democrats will focus instead on their bill to crack down on oil companies “manipulating the market” for higher prices and profits. “We’re going to focus on that issue,” Schumer said.
President Biden on Wednesday called for a three-month suspension of federal gas taxes in hopes of easing drivers’ pain at the pump, but the move was greeted with widespread skepticism. The beleaguered president, who is under fire over raging inflation, also called for states to nix their own gas taxes and reiterated his attacks on Big Oil for profiteering amidst the war in Ukraine.
“I’m doing my part,” Biden said. “I want Congress, states and industry to do their part as well.”
Biden’s call would slash the 18.4 cents-a-gallon federal tax on gas and the 24.4 cents-a-gallon federal tax on diesel fuel during the summer driving season. President Joe Biden speaks about gas prices in the South Court Auditorium at the White House campus on June 22, 2022 in Washington, DC. (Drew Angerer/ )
Drivers would save roughly 3.6% at the pump if the savings were passed on to them, a relatively small break when prices are averaging a nominal near-record price of $5 a gallon nationwide.
“It will provide families some immediate relief,” Biden said. “Just a little bit of breathing room as we continue working to bring down prices for the long haul.
