Independent news has never been so important.

Did you know that you can get Democracy Now! delivered to your inbox every day? Sign up for our Daily News Digest today! Don't worry, we'll never share or sell your information.

Critics Says Biden Push to Suspend Gas Tax Will Aid Oil Companies, Not Consumers

HeadlineJun 23, 2022

President Biden has called on Congress to suspend the federal gas tax for three months in a bid to lower gas prices, which have topped $5 a gallon in the months following Russia’s invasion of Ukraine.

President Joe Biden: “Today I’m calling for a federal gas tax holiday, state gas tax holiday [or] the equivalent relief to consumers; oil companies to use their profits to increase refining capacity rather than buy back their own stock; gas stations to pass along the decree — excuse me, not the decree, but the decrease in oil prices to lower prices at the pump. And together, these actions could help drop the price at the pump by up to $1.00 a gallon or more.”

Many economists and progressive lawmakers have criticized Biden’s proposal. Congressmember Pramila Jayapal tweeted on Wednesday, “Gas tax holiday won’t make it down to consumers or stop the profiteering of oil & gas companies. It also robs the Highway Trust Fund of necessary infrastructure funds. An excess profits tax on oil companies with a rebate to consumers is a better solution.” While the price of gas has soared in recent months, oil and gas companies are making record profits, taking in over $41 billion during the first three months of the year.

The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to democracynow.org. Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.

Non-commercial news needs your support

We rely on contributions from our viewers and listeners to do our work.
Please do your part today.
Make a donation
Top