Mike Somers, president and CEO of the American Petroleum Institute, says the Biden administration needs to “produce” more American oil to reduce record high gas prices.
President Biden on Wednesday formally called for a vacation for the federal gas tax, while again blaming Russian President Vladimir Putin for soaring pump prices and questioning whether his Republican critics would prefer to ignore Putin’s “iron fist” in Europe. to have lower gas prices. .
The president called on Congress to suspend the federal gas tax for the next 90 days. He also called on the states to suspend state gas taxes or find other ways to provide relief to American drivers.
Obama called the GAS TAX WAKAZ a “trick” in 2008, with Biden now saying he was thinking about it.
“Every time you go to the gas station to fill up your tank, the federal government charges a tax of 18 cents on a gallon of gas you buy and a 20 percent tax on a gallon of diesel you buy,” Biden said, noting that the tax is “About 90 years” and that it is “important because we use it for the highway trust fund to maintain our highways.”
The federal government currently charges 18 cents per gallon of gasoline and 24 cents per gallon of diesel, a senior administration official said.
Biden said that by suspending the federal gas tax, “we can reduce the price of gas and give families only a little relief.”
“I urge companies to pass this on – every penny of this 18 cent reduction to consumers,” Biden said. “It simply came to our notice then.
Gas prices have risen 50% nationwide in the last year (Getty Images / Getty Images)
However, the president on Wednesday acknowledged that the gas tax holiday “will not solve the problem alone”, but said it would provide families with “immediate relief”.
BIDEN CALLS ON CONGRESS TO BREAK GAS TAX PAUSE FOR 3 MONTHS
The president turned to the war in Ukraine, again blaming Putin for record high gas prices across the country.
“We could turn a blind eye to Putin’s murderous ways. “The price of gas would not go up as it is,” Biden said. “I believe this would be wrong. I believed in that then, and I believe that now the free world had no choice.
Russian President Vladimir Putin attends a meeting with senior officials in support of the Russian aviation industry amid Western sanctions against a video conference at the Novo-Ogaryovo residence near Moscow, Russia, Thursday, March 31, 2022 (Mikhail Klime (AP / AP Images)
“America could not stand aside and the West could not stand aside, although some suggested at the time, and just watch Putin’s tanks roll in Ukraine and seize a sovereign state,” Biden said.
“So for all those Republican congressmen who criticize me today for America’s high gas prices, are you saying now that we were wrong to support Ukraine?” Biden asked.
Are you saying that we prefer to have lower gas prices in America and Putin’s iron fist in Europe? Biden asked. – I do not believe it.
The president also said that Republican lawmakers’ claims that the United States was “not producing enough oil” and that he was “restricting oil production” were “nonsense.”
Schork Group CEO Stephen Schork is affecting the oil markets as gas prices remain high and explains his fears amid the economic landscape.
Biden also sent a message Wednesday to companies that run gas stations and set pump prices.
“This is a time of war, a global danger in Ukraine,” Biden said. – These are not normal times.
“Reduce the price you charge for the pump to reflect the price you pay for your product to it now,” Biden said. “Do it today. Your customers, the American people, they need relief now.”
The national average for a gallon of gas is currently close to $ 5. Prior to that year, the highest national average gas price ever recorded by the AAA was $ 4.11 per gallon in July 2008.
BIDEN UNLOCKED GAS TAX BUTTON, BUT ANALYSIS SHOWS IT MAY BETTER INFLATION
in the meantime, Minister of Energy Jennifer Granholm will meet with the top seven refineries later this week on how the federal government can help increase refining capacity.
Biden’s former boss, former President Barack Obama, called the gas tax a “trick” during the 2008 election campaign. Obama said he would save Americans half a tank of gas this summer so lawmakers could “say they are did something “
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
There are also concerns about the impact of the gas tax holiday on already high inflation. Committee on Responsible Federal Budget, a non-partisan group advocating for a reduction in the federal budget, before disputes that a 10-month tax suspension could in fact increase demand for petrol and other goods and services when the economy is already facing high consumer demand and supply disruptions caused by a pandemic.
Add Comment