Crude oil prices are at a seven-year high.
In an effort to ameliorate rising prices, the White House and some congressional leaders are weighing a pause on federal taxes on gasoline. “Every tool is on the table to reduce prices,” the White House stated when asked about the report. While President Joe Biden has already released 50 million barrels from the nation’s petroleum stockpile, “all options are on the table looking ahead.”
This week, Senator Mark Kelly of Arizona and five other senators proposed temporarily suspending the 18.4-cent-a-gallon federal gas tax through the end of the year.
Crude oil prices internationally have been escalating, hitting a seven-year high in recent days, driven in part by the potential conflict between Russia and Ukraine, with Russia being one of the world’s top oil producers. Data last week showed U.S. consumer prices broadly hit the biggest annual increase in inflation in 40 years, with gasoline costing $3.49 per gallon on average in the U.S., up from $2.50 average a year ago.
The White House’s National Economic Council is reviewing the idea, a source confirmed to Reuters, adding that talks are continuing in Congress. They added that the debate mirrors some state efforts to also suspend state taxes at the gas pump this year.
As the Lord Leads, Pray with Us…
- For members of Congress as they consider methods to reduce the cost of gasoline.
- For members of the National Economic Council as they provide feedback and input on this idea.
- That the president and his administration would be wise in their discussions of the tax on fuel.
Sources: Newsmax, Department of Labor, Market Watch
