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Biden blames Russia for gas prices as he urges Congress, states and oil companies

“Are you saying we would rather have lower gas prices in America and Putin’s iron fist in Europe? Biden said. “I do not believe it.”

Biden called on oil companies to increase their refining capacity and pass “every penny” of their savings through the proposed gasoline tax exemption to consumers. Earlier Wednesday, he called for a three-month suspension of the federal gasoline tax of 18 cents per gallon, but it seems unlikely to pass Congress.

In his speech, the president said states should also find other solutions to lower consumer gasoline prices, such as eliminating their own gasoline taxes or offering rebates to households. .

A combination of all of Biden’s demands — a federal gas tax exemption, state gas tax exemptions, increased refining capacity and oil companies and gas stations passing the savings on to consumers — could lower gasoline prices by about a dollar a gallon, he said.

The federal gas tax is used to fund highways, but Biden said highways will continue to be maintained through higher tax revenue and a lower deficit this year.

“We can do both at the same time,” Biden said. “We can lower the price of gasoline and relieve families a little.”

Over the long term, Biden said, the experience of rising gasoline prices demonstrates a need for electric vehicles, expanded public transportation systems, and alternative energy resources such as wind, solar, and nuclear.


Politico

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