National average price per gallon exceeds $5.
Treasury Secretary Janet Yellen said a federal gas tax holiday to ameliorate the burden of rising gas prices across the country is “worth considering.” She stated, “President Biden wants to do anything he possibly can to help consumers. Gas prices have risen a great deal and it’s clearly burdening households.”
She said the president is ready to work with Congress, and that the current rate of inflation driving the national average price for regular gasoline to a never-before experienced $5 per gallon, is “unacceptably high.” She also echoed President Biden’s assessment of a potential recession, adding, “I don’t think a recession is inevitable.”
Earlier, Energy Secretary Jennifer Granholm said that a gas tax pause is an option the administration is looking at to bring down prices.
Across the country, a number of governors and state lawmakers have moved to grant gas tax breaks in the face of soaring prices, with several governors calling on Congress to support a bill that would suspend the 18.4 cents per gallon federal gas tax for the remainder of the year.
As the Lord Leads, Pray with Us…
- For Secretary Yellen to seek God’s wisdom as she heads the Treasury Department.
- For the president to be open to different approaches to energy production in the nation.
- That members of Congress would be discerning regarding the suspension of the gas tax.
Sources: Axios, CNN, ABC News
