Biden expected to call on Wednesday for suspending the federal gas tax, source says

U.S. President Joe Biden is expected on Wednesday to call for temporarily suspending the 18.4-cents a gallon federal tax on gasoline, a source briefed on the plan told Reuters on Tuesday, Reuters reports.

Biden said Monday he was considering whether to call for a pause in the tax, as the United States struggles to tackle soaring gasoline prices and inflation. A gas tax holiday faces significant opposition in Congress, including among many Democrats.

Biden has pulled on numerous levers to try to lower prices, including a record release of barrels from U.S. strategic reserves, waivers on rules for producing summer gasoline, and leaning on major OPEC countries to boost output.

Source: Reuters