President Biden will ask Congress on Wednesday to suspend the federal gas tax until September as Americans across the country grapple with soaring prices as the pump. The president will urge members of Congress to institute a three-month federal gas tax holiday without stripping money from the Highway Trust Fund that finances highways and mass […]
Tag: gas prices
Gas Pains! Biden shifts blame from Putin to Oil Companies
The White House on Wednesday shifted from blaming Russian President Vladimir Putin’s invasion of Ukraine to oil companies for record-high gas prices, calling on them to “be patriots” and do more to lower prices. The remarks came after President Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their […]
Biden’s gas crisis solution: Threaten oil companies
Under intense political pressure to address soaring gasoline prices, President Biden is trying to push the nation’s largest refiners to do more to boost supplies and lower prices. In a letter to the companies on Wednesday, Biden said refiners are taking advantage of the crisis, seeing record-high profit margins at a time when inflation has […]
1970’s style ‘Stagflation’ is looming
As U.S. gas prices reached an all-time high, the World Bank issued a warning that a combination of rising inflation and a slowdown in economic growth could lead the global economy into 1970s-style “stagflation.” The price of gas in the U.S. hit $4.91 per gallon on Tuesday, according to AAA. On the same day, the […]
Crude Awakening! Gas prices climb 5 cents overnight
Gas prices are still on the rise and could soon reach $5 per gallon avg, a figure that has forced some Americans to rethink their leisure travel. The national average gas price climbed five cents Monday night into Tuesday and 10 cents since Saturday, now hitting a record $4.92 per gallon, according to the American […]
‘Not my fault’ says Biden as gas prices double since elected
Since Biden took office in January 2021, the price for a gallon of gas has doubled. On Jan. 20, 2021, the average price for a gallon of gas nationwide was approximately $2.39. As of Saturday, the price for a gallon of gas has skyrocketed to $4.81, up five cents from Friday, according to AAA. The […]
Despite high gas prices, More Memorial Day travel is expected
AAA estimates that 39.2 million people in the U.S. will travel 50 miles or more from home during the holiday weekend. To drive, or not to drive? This Memorial Day weekend, with surging gas prices that are redefining pain at the pump, that is the question for many Americans as a new COVID-19 surge also […]
Biden praises high gas prices as ‘incredible transition’ Americans must go through
President Biden said that the country is going through an “incredible transition” away from fossil fuels via the high gas prices being experienced nationwide. Biden made the statement on gas prices during a joint press conference with Japan Prime Minister Fumio Kishida on Monday. “Here’s the situation. And when it comes to the gas prices, […]
Biden blamed as gas prices reach new record high
Average gas prices in the U.S. reached a new record high Thursday, according to AAA’s gas price calculator, after Republican senators slammed the Biden administration for a “de facto ban on new drilling.” The national average cost of a regular gallon of gasoline hit $4.589 early Thursday morning. This price topped Wednesday’s previous record of […]
Biden’s ‘Temporary Inflation’ is still here nearly a year later
It has now been 300 days since President Joe Biden said that high inflation would be “temporary” as the cost of consumer goods including gas has continued to climb. On July 19, 2021 Biden addressed inflation in remarks delivered at the White House and argued that the significant price rises that had taken place amid […]
Gas prices jump to record highs; Will they go higher?
In another blow to the US economy, prices at the pump soared to fresh record highs. The national average price for regular gasoline climbed more than four cents on Tuesday to $4.37 a gallon, according to AAA. That takes out the prior record of $4.33 set on March 11. The gas spike — prices are […]
Oil and gas drilling to reopen on public lands in a first under Biden
As federal officials weigh efforts to fight the climate crisis against pressure to bring down high gasoline prices, the interior department is moving forward with the first onshore sales of public oil and natural gas drilling leases under Joe Biden. The move also calls for a sharp increase in royalty rates for companies, ostensibly to […]