I don't think the oil and gas sector will perform as great as it has: Hedge fund manager
President Joe Biden will call on Congress to enact a gasoline tax holiday, a person familiar with the plans says, as he looks to cool soaring pump prices heading into summer.
Biden will make a statement Wednesday calling on Congress to enact the pause, the person said, speaking on condition of anonymity ahead of an announcement. The White House did not immediately respond to a request for comment.
Biden said earlier this week he was studying whether to back suspension of the 18.4 cents-per-gallon tax. It’s not clear how long a pause he would favor. Average gasoline prices are hovering around US$5 a gallon.
Biden and a top economic aide downplayed concerns often cited in opposing a gas tax holiday -- that it would curb revenues needed to maintain roadways, or that savings wouldn’t be passed on to consumers. Biden said last year’s infrastructure law can fill the gap on funding, while adviser Heather Boushey said state-level pauses signal that consumers do benefit.
Democratic leaders on Capitol Hill have been skeptical of the idea because it would drain the highway trust fund. House Speaker Nancy Pelosi and others have questioned whether it would result in lower prices for consumers at the gas pump.
Biden will speak about “gas prices and Putin’s Price Hike” at 2 p.m. Washingtom time on Wednesday, per his daily schedule. The plans were reported earlier by Punchbowl News.