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Biden says decision on pause on federal gasoline tax could come by end of week

Published 06/20/2022, 12:36 PM
Updated 06/20/2022, 01:00 PM
© Reuters. U.S. President Joe Biden speaks as he hosts the Major Economies Forum on Energy and Climate Change (MEF) in the South Court Auditorium at the White House Complex in Washington, U.S., June 17, 2022. REUTERS/Evelyn Hockstein

By Nandita Bose and Kanishka Singh

REHOBOTH BEACH, Del. (Reuters) -U.S. President Joe Biden said on Monday that a decision on whether to pause a federal gasoline tax could come by the end of this week, as the United States struggles to tackle soaring gasoline prices and inflation, now at its highest in 40 years.

Speaking a day after Energy Secretary Jennifer Granholm said the president was evaluating pausing the tax temporarily, Biden told reporters: "Yes, I am considering it. I hope I have a decision based on data I am looking for by the end of the week."

Granholm told CNN on Sunday the president was evaluating a pause on federal gas tax to bring down prices, adding that such a move was "not off the table".

The pause of the federal gasoline tax is among various options being considered by the Biden administration to control inflation and surging gas prices.

The president also said his team will be sitting down with oil and gas companies to get answers. "I want an explanation from them on why they are not refining more oil," he said.

Treasury Secretary Janet Yellen said on Sunday some tariffs on China inherited from the administration of former President Donald Trump served "no strategic purpose" and added that Biden was considering removing them too as a way to bring down inflation. Biden said on Saturday he was in the process of making up his mind on easing U.S. tariffs on China and planned to speak with Chinese President Xi Jinping soon.

Biden also reiterated on Monday that he felt a U.S. recession was not inevitable, adding he had spoken to former U.S. Treasury Secretary Lawrence Summers who told NBC News on Sunday he expected a recession.

© Reuters. U.S. President Joe Biden speaks as he hosts the Major Economies Forum on Energy and Climate Change (MEF) in the South Court Auditorium at the White House Complex in Washington, U.S., June 17, 2022. REUTERS/Evelyn Hockstein

Whether the United States, the world's largest economy, will slip into a recession has been a growing concern for chief executives, the Federal Reserve, and the Biden administration.

The surge in inflation has made hawks of nearly all Federal Reserve policymakers, only one of whom dissented earlier this week against what was the central bank's biggest rate increase in more than a quarter of a century.

Latest comments

How about starting by clawing back the 10 Billion in covid subsidies the taxpayers gave the oil companies. They took the $$ but still laid off 100,000 workers.
if he backs out now, that's an extraordinary low thing to do. but, that's liberal; promise what you never intended on delivering.
policy is to get rid of fossil fuels with no viable replacement. then turn around and ask oil companies to do more. g. f. y. s Brandon.
Could have done this sooner...
90% of oil lobby is Republican. Of course, they have no intention of refining more gas or bringing the pump price down.
Keep telling the Truth Barani.
 Unfortunately, it's true. The oil lobby is overwhelmingly Republican. There is very little incentive for those there to work with the current administration. I'm your "favorite writer"? Thank you so much, I'm honored. Yes, I strive for balance in my articles, listing as much pros and cons to any argument. But there are some truths that I cannot articulate in my copy which I sometimes choose to do in the feedback platform. It is what it is, mate, and I apologize if it rankles you. But look at the make-up of the oil lobby, especially members of the API. And you'll know. Bests.
 It is a sensitive debate, no doubt. Keystone especially; as a pipeline to carry Canada's dirtiest oil straight to the West Coast for loading, Biden probably imagined it to have zero impact on supply at home while easily appeasing the climate crowd who helped bring him to office. But was it necessary to do on his first day of office? I'd say no and it was silly -- because the very thing that Biden thought was a low-hanging climate fruit for him became a lightning rod for the long-oil crowd. Almost every argument on his energy policies begin and end with Keystone despite the pipeline not being built to deliver even a cupful of petroleum to the US. But since Feb.24 at least, the administration has wisened up and only maintains real restrictions on drilling in wildlife areas. But the API, led by its megaphone man Frank Machiarolla, ignores the change in stance over the past two months and continues to cherry pick the narrative to keep output down.
Biden can never bring down inflation by removing gas tax or Chinese tariff, the only thing that can bring down inflation is Biden release more federal land to drill more oil and suspend his climate change goal for now
Try resignation. That works better.
Wow. Biden is trying his best to plug the sinking ship.
Lol... Biden doesn't care about " a sinking ship". He doesn't even know what day it is.
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