WHAT YOU NEED TO KNOW:
- President Joe Biden said Monday that he’s considering a federal holiday on the gasoline tax.
- White House officials target the July 4 weekend for announcing new measures.
- Other possible measures the Biden administration is considering include a gas rebate.
President Joe Biden said that he is seriously considering a federal gas tax holiday as the administration makes efforts to lower record-high gas prices ahead of the July 4th holiday.
White House officials say they are targeting the July 4 weekend to announce new measures when millions of Americans are expected to take trips and vacations.
On Monday, Biden told reporters that he could make a decision on halting the federal gas tax by the end of this week. “I hope I have a decision based on data.” The Bidens spent the long weekend at their home in Rehoboth, Delaware, in part to celebrate their 45th wedding anniversary.
The Biden administration is also considering a gas rebate, though one official dismissed the idea as “a stretch” and said it is “not in serious contention.” It seems a gas tax holiday is what they are more focused on. However, officials are concerned about how long the gas tax holiday would last.
The effort to announce new measures comes ahead of a meeting Energy Secretary Jennifer Granholm plans to meet with oil refining executives. According to a source, the meeting is scheduled for June 23, Thursday. The meeting comes amid growing tensions between the U.S. oil industry and the White House.
On Sunday, Granholm told CNN that if the administration pursued the federal gas tax pause, some federal funds could stop going toward roadway projects, which is a part of the infrastructure law Biden signed in 2021.
“If we remove the gas tax, that takes away the funding that was just passed by Congress to be able to do that,” she said. “So you know, that’s one of the challenges, but I’m not saying that that’s off the table.”
Source: NBC News