WASHINGTON—With the national average price for gas soaring over $5 a gallon, President Biden called Wednesday for a three-month suspension of the federal gas tax. The current federal tax on gasoline is 18.4 cents per gallon and 24.4 cents for diesel. Katie Tubb, Heritage research fellow for energy and environmental issues, released the following statement Wednesday in response:
“Americans need relief from historic gas prices, but President Biden’s latest gimmick won’t provide it. Gas is almost $3 more expensive per gallon today than when Joe Biden took office, and his latest “solution” is a temporary measure to lower prices 18 cents. While taxes fundamentally increase the cost of all goods, Americans who are struggling intuitively see this move for the unserious response that it is.
“The federal gas tax accounts for less than 4% of prices at the pump, and those prices are only going up. This temporary reduction will be even more laughable in the coming months, as new Heritage research shows that Biden’s energy policies would increase gasoline prices by more than $2 a gallon every year between 2024 and 2040.
“And, ironically, temporarily suspending the tax could actually artificially incentivize short-term demand, driving prices right back up and wiping out any of the already-meager savings Americans might experience.
“The White House isn’t offering real solutions, only gimmicks and attacks on American energy. The Biden administration has consistently pursued an anti-oil regulatory agenda designed to end America’s use of conventional fuels like oil and natural gas. This has caused prices at the pump to skyrocket since Biden took office.
“The solution is obvious—the Biden administration needs to unleash domestic energy production and take advantage of America’s abundant energy resources. That will put downward pressure on prices both in the short and long term. Instead of an election-year gimmick, Biden should show leadership and work with Congress to allow more domestic production and unleash our energy sector's capacity to explore, drill, refine, and transport.”