what you know, we’re meeting today at *** moment when there is an urgent global issues impacting all of our nations demand are mean, they all demand our immediate attention and our close cooperation. Russia’s brutal and unprovoked assault on its neighbor, Ukraine has fueled *** global energy crisis and to sharpen the need to achieve long term reliable energy security and stability. And with Russia’s war driving up inflation worldwide, threatening vulnerable countries with severe food shortages. We have to work together to mitigate the immediate fallout of this crisis in the United States. I’m using every lever available to me to bring down prices for the American people and our nations are working together to stabilize global energy markets, including coordinating the largest release from the Global reserve from global oil reserves in history. But the critical point is that these actions are part of our our transition to *** clean and secure long term energy future. And the good news is climate security and energy security go hand in hand. For example, back in March, the european commission with President van Dalen leading the effort I announced the US EU task Force on Energy security and help the EU rapidly reduce dependence on Russian gas and reduce the use overall demand for gas. By ramping up clean energy technologies, we will bolster our energy security and improve the affordability and reliability of energy around the world and reduce our greenhouse gas emissions Because we cannot afford to let the critical goal limiting global warming to 1.5°C slip out of our reach and the science tells us that the window for action is rapidly narrowing rapidly.
President Joe Biden said Monday that he’s considering a federal holiday on the gasoline tax, possibly saving US consumers as much as 18.4 cents a gallon.”Yes, I’m considering it,” Biden told reporters after taking a walk along the beach. “I hope to have a decision based on the data — I’m looking for by the end of the week.” Related video above: Biden hosts climate meeting amid gas price pressure The administration is increasingly looking for ways to spare the public from higher prices at the pump, which began to climb last year and emerged after Russia invaded Ukraine in February. Gas prices nationwide are averaging just under $5 a gallon, according to AAA. The Biden administration has already released oil from the US strategic reserve and increased ethanol blending for the summer, in addition to sending a letter last week to oil refiners urging them to increase their refining capacity. Yet those efforts have yet to reduce price pressures meaningfully, such that the administration is now considering a gas tax holiday. Taxes on gasoline and diesel fuel help to pay for highways. The Penn Wharton Budget Model released estimates Wednesday showing that consumers saved at the pump because of gas tax holidays in Connecticut, Georgia and Maryland. The majority of the savings went to consumers, instead of service stations and others in the energy sector. In an interview Sunday on ABC’s “This Week,” Treasury Secretary Janet Yellen expressed an openness to a federal gas tax holiday to give motorists some relief.
President Joe Biden said Monday that he’s considering a federal holiday on the gasoline tax, possibly saving US consumers as much as 18.4 cents a gallon.
“Yes, I’m considering it,” Biden told reporters after taking a walk along the beach. “I hope to have a decision based on the data — I’m looking for by the end of the week.”
Related video above: Biden hosts climate meeting amid gas price pressure
The administration is increasingly looking for ways to spare the public from higher prices at the pump, which began to climb last year and emerged after Russia invaded Ukraine in February. Gas prices nationwide are averaging just under $5 a gallon, according to AAA.
The Biden administration has already released oil from the US strategic reserve and increased ethanol blending for the summer, in addition to sending a letter last week to oil refiners urging them to increase their refining capacity. Yet those efforts have yet to reduce price pressures meaningfully, such that the administration is now considering a gas tax holiday. Taxes on gasoline and diesel fuel help to pay for highways.
The Penn Wharton Budget Model released estimates Wednesday showing that consumers saved at the pump because of gas tax holidays in Connecticut, Georgia and Maryland. The majority of the savings went to consumers, instead of service stations and others in the energy sector.
In an interview Sunday on ABC’s “This Week,” Treasury Secretary Janet Yellen expressed an openness to a federal gas tax holiday to give motorists some relief.
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George is Digismak’s reported cum editor with 13 years of experience in Journalism