Biden suggests a gas tax holiday for drivers, urges oil companies to reduce shareholder profits

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President Joe Biden on Wednesday called on states and Congress Wednesday to declare a federal and state gas tax holiday, as the price of a gallon of gas is averaging about $5 nationwide. Biden wants Congress to suspend the 18.4-cent-per-gallon federal gas tax for 90 days, or “through the busy summer season.”

“It’s important because we use it for the Highway Trust Fund to keep our highways going, but what I’m proposing is suspending the federal gas tax without affecting the Highway Trust Fund, and here’s how we do that,” said Biden. “With revenues up this year and deficits down over $1.6 trillion this year alone, we’ll still be able to fix our highways and bring down prices of gas.”

Biden said oil companies should pass the tax savings onto consumers and also said they should increase production and refining capacity, activities his administration has made unlikely through increased regulation. He also called on states to suspend their state gas taxes, which would impact states in varying ways: Washington State has a 49-cent per gallon gas tax that it uses to fund highway maintenance, while Alaska’s tax on gas is 8 cents. The average state gas tax is 30 cents per gallon.

If achieved, the gas tax holiday would save average motorist $8.59 for the 90-day period. For example, it would reduce the cost of a 15-gallon fill-up in Alaska from $81 to $78.41; the savings is $2.59.

Biden has been in office for 518 days; gasoline is about $3 more per gallon than it was when was sworn in.

31 COMMENTS

  1. Right, Put a band aid on the problem that’s staring him in the face and threatens the dems with major losses this fall. I say no relief until after the coming elections and then adress the problem with some newly elected legislators!!

  2. I’ll translate: please, oh please do something to lower gas prices before we get slaughtered in November

  3. More: not that grandpa cares, but the oil companies-any company-have a legal obligation to make as much money for their shareholders as possible.

    • Just goes to show you that Brandon isn’t very smart, 50+ years in politics will do that to a person. Telling oil companies to reduce their share holders profits is just plain idiotic but not surprising coming from the dufus in the WH.

  4. Amazing President Xiden hasn’t proposed nationalizing (seizing) all petroleum producera and distributors so he can give away free fuel to his chosen!

    Uh Oh!!!!

    I shouldn’t have said that! Lease-A may be reading and whispering that into his leftmost ear!

  5. Ha! Eighteen cents a gallon isn’t going to make a big difference when price per gallon is $6 and even more in some states. If he would reverse his policies on the Keystone pipeline and allow drilling in the US now that would turn things around….

    • The Keystone XL Pipeline was to transport Canada’s oil to ports on the southern coast of the US to send that oil elsewhere in the world to be refined. Not one barrel of oil that flowed through that pipeline would have ended up in any US refinery.

      Biden approved 3557 leases in 2021 (his first year in office) compared to Trump approving 2658 in 2017 (his first year in office) that is a 34% difference

      Lastly, even if Biden greenlit every single oil and gas lease today, it would take at least 2 years for those sites to produce any oil or gas. The oil companies would need to build the infrastructure before they can extract any oil or gas from their leases.

      • Biden approved how many leases in his first year? Who gave you that fact? Joe himself? Please point out the koolaid bowl that you last drank out of? Nothing you stated in your post is worthy of a response.

      • The high price of gas is due to Russia’s invasion of Ukraine, causing the west to impose sanctions on Russia that have disrupted energy markets. Now, who was the President who cozied up to Putin and undermined arms deliveries to Ukraine? Oh yeah, it was Donald Trump! If any U.S. politician is responsible for high oil prices, it is Trump, for cozying up to Putin and undermining the sanctions placed on Russia after its 2014 invasion of Ukraine. Also, keep in mind that the legislature doubled the size of the PFD this year due to higher energy costs, which will more than compensate Alaskans for the higher price of gasoline,

  6. Wow! Nor Biden nor Trump nor any of the Western “leaders” have the “manhood” to take out Vladimir Putin and pass the “savings” on to the Russians and the rest of the world! Gutless Joe, take out Vlad; do the whole world good!

  7. Cutting the Federal gas tax is about a 3% savings on a gallon of gas. Gas is about twice what it was when Biden was sworn in, it was even cheaper than that before the election. If Biden wanted to actually lower the price of gas he would change his policies, but higher gas prices are a part of the plan he was given. He has told us the plan and high gas prices are a necessary part of it, the American economy and public be damned.

  8. We should all be driving electric cars, right? And how exactly do you produce the electricity? Guess the big green plan is premature. But of course it is somebody else’s fault. Take the blame like a man, Joe. You screwed up the whole country. Even the peanut farmer didn’t screw up this badly.

  9. Stupidity in its most breathtaking form.
    .
    What happens to the price of gasoline and diesel fuel when drivers rush to buy tankfuls of the “discounted” stuff creating shortages because suppliers can’t keep up with demand… because the Biden regime strangled the supply chain from drillers to refiners to retail sellers?
    .
    What happens to 401k plans and Alaska’s Permanent Fund when shareholder profits are reduced?
    .
    Not that any Democrat-Republican would ever give a damn, but we thought it worth asking.

    • It is not stupidly that is to blame for Usurper PotatoHead’s policies here, Morrigan — they are all part of a purposeful and insidious agenda to undermine, subvert and destroy this country.

  10. The Biden Crime Family’s “Big Guy” said:

    “Number one, no more subsidies for fossil fuel industry. No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill, period, ends, number one.” March 15, 2020, in a debate with socialist Bernie Sanders.

    The economy destroying high fuel prices killing Americans are a direct result of Biden’s statements, executive orders, and appointments of people who want to kill this industry. What company is going to invest tens of millions- or billions in a proposed project with zero certainty that it will be approved? One only needs to look at Biden’s action in killing the approved Keystone XL pipeline project- that was already under construction.

    The Americans that voted for Biden are now reaping what they’ve sowed.

    We will only begin to see lower fuel prices when we have a new Congress, and President.

  11. Dear Democrats: Your nutcase leader is controlled by full on globalists intent on wrecking this nation and everything the Americans have worked to do. Until you wise up don’t imagine you are smarter than anyone else. You ought to be ashamed.

  12. So, the former dunce of the senate wants to put some salt on a gaping wound. This will just further the tsunami coming in a few short months. To be followed by the leftists burning down their cities…

  13. When was the last time our fuel prices drastically reduced? 1) When the Saudis dumped cheap, high grade crude on our markets to curtail our fracking. 2) When the COVID lock downs virtually ended demand. Lesson learned? Supply and demand, simple economics.

  14. Joe Biden is the biggest idiot ever to occupy the White House. Moreover, this illegitimate president is ruining our country and our economy.

  15. If anyone else around here watches Russell Brand, he pointed out yesterday how so very many companies have increased their profit margins in 2021. It’s not just oil companies.

    • I would not seek out economic advice from Russell Brand. He has no idea what a profit margin is, and if you think the companies have increased their profit margin since 2021, you do not know what a profit margin is either.

    • Do you know what a business does with its profits? I do. I ran one.
      1-Payroll
      2-R&D
      3-Insurance
      4-Taxes
      5-Supplies to keep in business
      6-Repairs and new equipment.
      7-Advertising
      8-Rent or mortgage
      9-Debts to be serviced
      10- on and on and on.
      11-then, if anything is left, you make money and pay yourself.

      God help you if you’re a big company and have to fund benefits, 401ks, stockholders.

      I could be wrong be somehow I doubt Russell Brand has any real world experience in these matters. Perhaps you might try getting economic advice from someone not a third rate actor.

    • About half of the current corporate profits are deceptive, in that it’s monies that would usually have gone into reinvestment. Biden’s war against the extractive industries has stopped normal reinvesting, but federal laws don’t allow them to simply put that monies in the bank. They are required to keep it in circulation somehow. So they have chosen to eat their seed monies and distribute it to their investors.
      The far left has accomplished their goals. The damage has been done. Midterms will have little effect. The seed monies won’t be there. The oil companies, and much of the extractive industries have bid America goodby.
      The far left doesn’t care about economics. Their agenda is to turn America into another failed socialist dump, to forward their globalism. It’s a religion full of zealots, willing to sacrifice themselves upon the altar of their political ideology.
      I’ve long wondered what had to happen for the Anti-Christ to rise to absolute power in Europe. America has to die first. The Chines have a saying: “For us to live, everyone else must die.”
      Is our only hope, for us to postpone America’s death for as long as we can?

  16. A very large percentage of the money Federal Highway Administration uses for grants to States for road construction and improvements comes from those taxes on fuels.
    .
    So, when pResident Brandon says cut the tax, what he is really doing is cutting the budget for road improvements. But, that will be in direct conflict with Build Back Better, so to make up for it, there will likely be an increase in debt. Or an increase in taxes.
    .
    Only an idiot will increase spending at the same time they are cutting revenue.

  17. Joe Biden lecturing oil executives about their shareholders? Isn’t that a little like Joe Biden lecturing the FBI about Hunters laptop?

  18. A 3% reduction in fuel cost is insignificant and implying that oil companies need to reign in margins during such a windfall would make sense only to the intellectually impaired.

    That man’s an idiot and what we need is a better electorate.

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