COST - Biden nears decision on federal gas tax holiday

WTI crude prices (CL1:COM) have eased from $120 to $110 a barrel over the past week, while the national average gas price dipped under $5 a gallon, but the cost of energy still remains at elevated levels. Biden administration officials are still scrambling to contain the fallout, with the record prices being one of the biggest contributors to inflation. The White House already turned to the Strategic Petroleum Reserve in March, ordering the release of up to 1M barrels of oil a day for 180 days in the hopes of meeting demand, but its intended effect has been negligible. Next plan: President Biden is considering the idea of a federal gas tax holiday and "hopes to have a decision based on the data I'm looking for by the end of the week." Any suspension of the 18.4 cents a gallon tax would require action from Congress and would be unprecedented.

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Biden nears decision on federal gas tax holiday