WASHINGTON: US President Joe Biden has requested that Congress suspend the federal gas tax for 90 days in response to the nation's skyrocketing gas prices.
In a speech on Wednesday afternoon at the Eisenhower Executive Office Building, Biden said, "We can lower the price of gas and provide families just a little bit of relief by delaying the 18-cent federal gas tax for the next 90 days.
The US federal government levies an 18-cent tax on every gallon of gas and a 24-cent tax on every gallon of diesel that consumers buy. The tax has been in place for 90 years, as per reports. The American Automobile Association reported that the national average price for a gallon of regular gasoline remained high at USD4.955 on Wednesday, slightly down from USD5.014 a week ago but still significantly higher than the USD3.069 a year ago. At the time of Biden's proposal, this price was reported to be at an all-time high.
Even members of the President's own party, like House Speaker Nancy Pelosi, may be reluctant to endorse the President's initiative among lawmakers, making it doubtful that it will succeed.
Biden also urged the industry to refine more oil into gasoline and to bring down gas prices. He said, Oil companies should use their profits to increase refining capacity rather than buy back their own stock.
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