Biden plans to suspend fuel taxes for 3 months | Economy

  Gasoline and diesel prices scare Americans
Marcello Casal Jr/ Agência Brasil

Gasoline and diesel prices scare Americans

US President Joe Biden will ask Congress on Wednesday to suspend federal taxes on gasoline and diesel through September this year. Debate at the state level of taxes is also under discussion. The information is from the American CNN.

In conjunction with such measures, Biden also lifted the country’s ban on blending gasoline and ethanol, with the intention of mitigating increases on the fuel, as well as freeing up oil reserves. The country is currently facing a sharp rise in fuel prices due to sanctions against Russia, a major oil exporter that is now facing US ally Ukraine at war.

The measures are being received with concern. While the White House and some Democratic politicians agree with the measure, Republicans and many of Biden’s party colleagues reject the bill. While some accuse the American president of exploiting the country’s energy system, others believe that such policies will make little difference to the consumer.

Taxes on fuels provide a large part of the federal budget for highways and highways in the United States. So far, the vast majority of states have not commented or adopted measures. On average, 30 cents per gallon of gasoline is charged in US taxes, but states like Connecticut and New York already had policies similar to Biden’s proposal before the official announcement.

Enter the Brasil Econômico channel on Telegram and stay on top of all the news of the day. Also follow the general profile of the iG Portal

The average price of a 3.7-liter gallon of American gasoline has reached records in recent weeks, reaching five dollars (about R$24.90). Today, gasoline has its highest price in 14 years, second only to the period of the 2008 financial crisis. With a gallon at that price, a liter at the gas station costs around US$ 1.35 (R$ 6.72). By comparison, in the same period last year, a 3.7L gallon of gasoline sold for $3.

Source link

About Admin

Check Also

In the country and abroad, coverage races to adapt to reality – 10/02/2022 – Nelson de Sá

At Globo News, Fernando Gabeira opened the game again, now speaking for himself. “Honestly, the …

Leave a Reply

Your email address will not be published.