President Biden Asks Congress for Three-Month Gas Tax Suspension
CHATTANOOGA (WDEF) — President Biden asked Congress today to suspend the federal gas tax for three months.
If they do, the price of gasoline would immediately fall by 18 cents.
“By suspending the 18 cent gas tax, federal gas tax, for the next ninety days, we can bring down the price of gas and give families just a little bit of relief,” said Biden.
In May, Georgia suspended their gas tax at the state level, a move which has kept their price of gas around half a dollar lower than the national average.
State Senator-Elect Colton Moore is in favor of suspending the tax at the federal level, but he doesn’t think it’s going to assist families as much as a state-level suspension.
“I think it’s going to be less seen by the average consumer, because when you take it away for the entire nation, it allows refineries and distributors of gas to take in and make some more margin for themselves,” said Moore.
It’s true repealing the tax will not stop prices from continuing to rise, but President Biden is calling on gas companies to lower prices to match the value of crude oil, which has been falling since March.
“Bring down the price you are charging at the pump to reflect the cost you are paying for the product. Do it now,” said Biden.
Some are arguing that a more effective solution is to increase the supply.
“I think ultimately the solution to lower gas prices is create more supply, and right now there’s been a tremendous amount of regulation to prevent a lot of that supply,” said Moore.
But the President says it’s up to gas companies to refine more of the oil that’s available.
“I’m calling on the industry to refine more oil into gasoline.” said Biden.