White House weighs federal gas tax holiday
(WFSB) - Just as the busy summer travel season got underway, consumers faced skyrocketing prices at the gas pump.
President Joe Biden said he’s close to making a decision that could lower prices for Americans.
Biden and his administration said they are working to lower fears the U.S. economy is heading toward a recession.
The president confirmed his administration is also looking into sending gas rebate cards to Americans.
As the White House considers a federal gas tax holiday, gas prices continue to increase.
A pause would lower the cost per gallon by more than 18 cents. However, it requires action by Congress.
Meanwhile, the federal reserve took drastic action to tame historic inflation.
Experts said more needed to be done.
“These companies are enjoying record profits right now, why should they be raising their prices?” said Robert Reich, former U.S. labor secretary. “Why not have a windfall profits tax? Use the money to have to eliminate gas taxes on both the federal and at the state level.”
Reich said taxing windfall profits from oil companies could help.
The national average price for a gallon of gas was $4.98.
That’s a few cents lower than last week’s record of $5.01.
A year ago, the average was $3.07.
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