President Biden is planning to call for a three-month suspension of the federal gasoline and diesel taxes, according to senior administration officials, the Wall Street Journal reported. Mr. Biden and his advisers have been discussing the issue for months in the midst of increasing political pressure to take action to address record-high gas prices. The announcement is expected today, officials said, when Mr. Biden is scheduled to deliver remarks on gas prices at 2 p.m. Eastern Time. A suspension of the 18.4-cents-a-gallon federal gasoline tax and 24.4-cents-a-gallon diesel tax through September would require congressional approval, so a move by Mr. Biden to throw his support behind the effort would be largely symbolic. Lawmakers of both parties have expressed resistance to suspending the tax, a move that would likely need bipartisan support to become law. Some Democrats worry that a suspension of the tax would have a limited effect on prices, with oil companies pocketing much of the savings.
