Biden considers temporarily freezing gasoline taxes

Joe Biden, president of the United States, is evaluating the possibility of temporarily freezing the federal tax on gasoline, a measure that could place the price of a gallon at 18.4 cents for drivers.

Biden affirmed that he was analyzing the measure and estimates to make a decision based “on the data.” According to the American Automobile Association, gasoline prices are close to $5 a gallon, after experiencing their first decline since last week of April.

Likewise, Biden indicated that members of his government team will meet with representatives of the oil companies in order to discuss the increase in fuel prices. “I want an explanation as to why they are not refining more oil.”

The US president criticized the behavior of the oil companies for “obtaining high profits while people are feeling the pressure of the high cost at the pumps and of inflation.”

As will be recalled, within the actions that the US Government has taken to try to avoid the increase in gasoline is the release of oil from the country’s strategic reserve; “the increase in the allowed mixture of ethanol to lower prices for the summer” and the sending of a communication to the refineries urging them to expand their capacity.

However, these measures have not achieved the intended objective and have not yet managed to control the existing pressure on prices significantly. Which is why the Biden administration is analyzing the suspension of the tax on gasoline, which allows canceling the road construction.

Some states such as Connecticut, Georgia and Maryland have already made the decision in their tax bracket and an investigation by the Penn Wharton business school showed that the measure favored consumers “over gas stations and other energy companies.”

M. Rodríguez

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Source: primicia.com