The White House said in a release, “The price of gas is up dramatically around the world, and by almost $2 per gallon in America, since Putin began amassing troops on the border of Ukraine.”
On Wednesday, President Biden called on Congress to suspend federal gas and diesel taxes for 3 months-as a strategy to ease financial pressure at the pump.
While Biden is working hard at easing the financial pressures recently due to high gas prices at the pump, some political opponents are busy using the narrative for their political gains; Creating a picture of bad governance but the truth is that; the recent increase in gas prices has nothing to do with Politics or Biden’s Administration. This is a global issue; Russia is amongst the top 10 largest supplier of gas in the world and a blockage of Russian gas would create a surge in gas prices for a short period of time.
Biden urging states to suspend their own gas taxes or provide similar relief as he had called on congress to do the same has nothing to do with a bait for the oncoming election; Any Administration would have done the same; except if you were a supporter of the Kremlins and continue to do business with Russia while promoting his non democratic values against Ukraine.
If the 18.4 cents-per-gallon federal tax on gas and the 24.4 cents-per-gallon federal tax on diesel fuel savings were fully passed along to consumers, people would save roughly 3.6% at the pump with prices averaging about $5 a gallon nationwide.
Biden is taking strategic steps from the release of oil from the U.S. Reserve to Gas tax holiday, shows a clear picture that this man is after the well being of the everyday American.
For someone to say that high gas prices pose a fundamental threat to Biden’s electoral and policy ambitions; is same as saying “Lets promote the Kremlin Agenda on Ukraine” and that is total nonsense. America has always stood up to it’s value and that is DEMOCRACY; this might cost us a little for the moment but at the long run, we will become better as a country and our economy will grow stronger. The resilient nature of the American economy has always withstood the test of time over and over again. Let’s stop politicizing the sudden increase of gas prices and start creating ways to offset the financial pressures today due to high gas prices.
Many economists and lawmakers view the idea of a gas tax holiday with skepticism but the increase of gas prices was all along coming from the onset of the covid-19 pandemic and it’s continual ravaging effects on almost everything that pertains to the economy, then came along the Russian-Ukraine war which was like a trigger that’s set’s it off. The Idea of “gas tax holiday” may not have much effect but will definitely help offset a lot of pressure at this moment.