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Biden to call for three-month suspension of gas and diesel taxes

We learn something new every day when it comes to the economy, specifically gas and diesel issues. Transport Topics reports that “President Joe Biden on June 22 will call on Congress to suspend federal gasoline and diesel taxes for three months” in hopes of easing financial burdens at the pump, especially during an election year. Biden is encouraging local and state governments to do the same or provide similar relief. They report that there is a “18.4 cents-a-gallon federal tax on gas and the 24.4 cents-a-gallon deferral tax on diesel fuel”.

Barack Obama had talked about this method and called it a “gimmick” because not only does it not address the issue in a long-term manner, but oil companies can offset the tax relief by increasing their own prices. It is unclear if Congress has the number of votes they need to push this through. American Trucking Associations President Chris Spear is calling on the administration to stop relying on Saudi Arabia for oil and renew trade agreements with European Union and Asian Pacific nations. This would help with American export efforts. Click here for the full story.