With Independence Day less than two weeks away, US consumers have been financially battered by the highest consumer prices in four decades. The Biden administration needs to improve optics in the eyes of households as their policies fail to tame rampant inflation. That’s why President Biden will call on Congress on Wednesday afternoon to suspend federal gas and diesel taxes for the next three months.
Bloomberg said the suspension of the federal fuel tax would lift the 18-cent tax per gallon on gasoline and 24-cent tax per gallon on diesel through the summer driving months. The national average for regular gas is around $5 a gallon, and diesel nears $6.
“A federal gas tax suspension alone won’t fix the problem we face, but it will provide families a little breathing room as we continue working to bring down prices for the long haul,” The Hill quoted a senior administration official who spoke with reporters Tuesday.