What is the Federal Gas Tax holiday?

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U.S. pumps are facing a crisis in 2022 after gas prices hit record highs across the country.

To de-stress before the 4th of July weekend, President Joe Biden Turns out he was considering suspending the federal gas tax at the pumps.

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The national price per gallon is $4.98 . Iscredit: getty

What is the Federal Gas Tax Holiday?

On June 20, 2022, Biden told reporters Rehoboth Beach, Delawarethat he is expected to make a decision on stopping federal gas tax soon.

“I expect to make a decision by the end of the week based on the data I’m looking for,” Biden said. CNN,

Pausing will essentially save Americans about 15 cents per gallon, but it will require Congress to act quickly.

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One white House the officer told CNBC Getting Congress to approve such measures would be challenging.

“Republicans don’t want gas prices to go down,” the official said.

“They want Biden to suffer.”

Another money-saving option Biden is considering gas discount cardBut it is not clear how they will work.

What is the National Average Gas Price?

on 20th June, The national price per gallon is $4.98 . wasAccording to ABC News,

This price has been burdening households for months and is expected to worsen in the summer months.

Treasury Secretary Janet Yellen with said on this week George Stephanopoulos that the Biden administration is open to considering Pennies-Savings steps to help in this financial situation.

“Gas prices have gone up significantly, and that’s clearly putting a burden on households,” Yellen said via ABC News.

“So [the president] ready to work with congress [gas tax holidays are] An idea that is certainly worth considering.”

many believe that Rising prices and food shortages signs we are headed for another recession,

Tesla founded by Elon Musk He has also been vocal in recent weeks about his concerns about the recession, cutting 10 percent of Tesla’s workforce because he had a “super bad feeling” about the economy, according to insider,

The last recession Happened between December 2007 and June 2009.

President Joe Biden Is Expecting to Make a Decision on the Federal Gas Tax Holiday Soon

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President Joe Biden Is Expecting to Make a Decision on the Federal Gas Tax Holiday Sooncredit: Reuters

Who sets gas prices?

Many people believe that the government controls gas prices, but this is not true.

American Petroleum Institute found out that it is actually the price of crude determines how much we pay on the pump.

“Oil prices hit a seven-year high amid persistent global supply crunch, workforce crunch, increased geopolitical instability in Eastern Europe, economic rebound after the early stages of the pandemic, and policy uncertainty from Washington,” the API said. Huh.”

While the government does not control prices, the API notes that there are things it can do to help ease the situation, including policies that increase supply. United States of america,

Right now, according to API, the primary factors affecting the price of gas include global crude oil costs (61 percent), refining costs (14 percent), distribution and marketing costs (11 percent), and federal and state taxes. (14 percent).



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