President Biden Considers Gas Tax Holiday To Ease Pain At Pump

U.S. President Joe Biden says he is considering a temporary halt of the federal gas tax as the
White House looks for ways to reduce costs at the pump for consumers.

The White House said the upcoming July 4 weekend, when tens of millions of Americans are
expected to travel, is a target date for announcing new measures to help lower record-high gas
prices.

Biden said when speaking to media that he could decide on pausing the federal gas tax within
days. A gas tax holiday would require congressional approval and the White House
acknowledges that it would be challenging to push through the Republican-led Senate.

Other possible steps the Biden administration is considering include a gas rebate.

Efforts to reduce gas prices for consumers come ahead of a meeting between U.S. Energy
Secretary Jennifer Granholm and oil executives. Tensions between the White House and the oil
industry have been growing as gas prices remain elevated across the U.S.

West Texas Intermediate (WTI) crude oil, the American standard, currently stands at $110.29
U.S. per barrel. Brent crude oil, the international benchmark, is trading at $115.81 U.S. per
barrel.