REHOBOTH BEACH (Del. aEUR" President Joe Biden stated Monday that he is considering a federal holiday to the gasoline tax. This could save Americans as much as 18.4 Cents per gallon.
After a stroll along the beach, Biden said that he was considering it. "I hope that I have a decision based upon the data aEUR," Biden said after taking a walk along the beach.
The Obama administration is looking at ways to save Americans from rising gas prices. Prices began to rise last year, and soared after Russia invaded Ukraine in Feb. According to AAA, gas prices in the United States average just below $5 per gallon.
Already, the Biden administration has increased ethanol blending and released oil from the U.S. strategic reserves. It also sent a letter last week to the oil refiners asking them to increase their refining capacities. These efforts have not resulted in significant price reductions. The administration is considering a gas tax vacation. Highways are paid for by taxes on gasoline and diesel fuel.
Wednesday's estimates by the Penn Wharton Budget Model showed that consumers have saved money at the pump due to gas tax holidays in Connecticut and Maryland. Instead of service stations or other energy workers, the majority of savings went to consumers.
In an interview with ABC's "This Week", Janet Yellen, Treasury Secretary, stated that she was open to a federal gas tax holiday for motorists.