President Joe Biden wants Congress to suspend the gas tax for 90 days.
For a gallon of regular gasoline, the federal tax is 18 cents and for a gallon of diesel, it's 24 cents.
Biden called on companies to pass on the savings to consumers. He said there was no time for profiteers.
The president said that the Highway Trust Fund won't be affected by such a move.
States were urged to suspend their gas taxes or find other ways to bring relief.
Some people were quick to point out that suspending the gas tax won't fix structural issues in the market.
Demand for oil has rebounded as global economies have begun to recover. Prices have gone up because of a lack of refining capacity
The gas tax holiday won't fix the problem. Families will get some relief immediately. Biden said that there was a bit of breathing room as they worked to bring down prices.
With inflation at a 40-year high, prices are rising across the board, but the surge in gasoline prices is noteworthy. For the first time on record, the national average for a gallon of tax was over $5.
Biden referred to the price hike as Putin's price hike. He blames oil and gas companies for what he says is a preference for profits over consumers.
He wrote a letter to the CEOs of the refining companies to increase output. Due to labor shortages and other issues, industry executives can't boost operations.
This is a time of war for the companies that run gas stations and set the prices at the pumps. He said to bring the price down to reflect the cost of the product.
According to Biden, these actions could lead to a drop in the price of gas. He said that it doesn't reduce all the pain but it will be a big help.
It is not known if Biden's call gained support on Capitol Hill.
If we want to fix crumbling bridges, address the spike in traffic deaths, and build a modern infrastructure system, we need to fill a $10 billion hole in the Highway Trust Fund, according to Rep.
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