Biden may temporarily suspend federal gasoline tax

US President Joe Biden is planning to call for a temporary suspension of the federal gasoline tax, according to people familiar with the matter, Report informs referring to The Wall Street Journal.

Biden and his advisers have been discussing the issue for months in the midst of increasing political pressure to take action to address record-high gas prices. The announcement is expected June 22, some of the people said.

“President Biden has made clear he is committed to doing everything he can to reduce gas prices for the American people, and he will have more to say on this tomorrow,” a White House official said Tuesday evening.

A suspension of the 18.4 cents a gallon federal gasoline tax would require congressional approval, so a move by Biden to throw his support behind the effort would be largely symbolic. Lawmakers of both parties have expressed resistance to suspending the tax, a move that would likely need bipartisan support to become law. Some Democrats worry that a suspension of the tax would have a limited effect on prices, with oil companies pocketing much of the savings.