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President Joe Biden called on Congress to pass a 90-day suspension of federal motor fuel taxes and solicited similar tax holidays from states in his latest bid to tame high prices.
Biden had withheld his support for a federal tax holiday for several months, after Senate Democrats introduced a proposal in February that would suspend the tax on gasoline through the end of the year.
DAILY ON ENERGY: WIRTH EMERGES AS FOIL TO BIDEN
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He said on Wednesday that his tax holiday proposal, which would suspend the 18-cent-per-gallon tax on gasoline and 24-cent-per-gallon tax on diesel fuel for three months, would bring some relief to drivers through the summer driving season.
“It doesn’t reduce all the pain, but it would be a big help,” Biden said during a press conference. “I’m doing my part. I want the Congress, states, and the industry to do their part as well.”
Several states, including New York, Connecticut, and Georgia, have implemented suspensions to nix state-levied fuel taxes, while others have declined to do so.
The prevailing objection among lawmakers has been driven by worries about how the tax holidays would affect revenues for transportation funding.
Biden dismissed worries about the Highway Trust Fund, saying higher federal tax revenues and deficit reductions could offset the estimated $10 billion hit the fund would take if the holiday were implemented.
Biden also urged energy companies and fuel retailers, which he and Democrats have accused of gouging drivers, to pass savings along to consumers.
Oil and gas companies have criticized Biden’s policies, such as his cancellation of the Keystone XL pipeline and restrictive approach to oil and gas leasing on federal lands, as sending negative “signals” about the viability of the sector and limiting production.
Biden pushed back on criticisms and boasted that U.S. oil production reached 12 million barrels per day during the week ending June 10. That’s up from 11.7 million bpd in the first week of January.
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Support in Congress for the gas tax holiday is mixed, including among Democrats, several of whom have argued it will have a minimal impact on prices and support rebates or vouchers instead.
Republicans have similarly dismissed the tax holiday as having a negligible effect on prices, and they generally support policies that encourage more oil production.
