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U.S. President Biden has announced that he will soon decide on a plan to temporarily waive the fuel tax in order to keep up with soaring oil prices.
He continued to evolve, saying that recession concerns were not inevitable.
Correspondent Yunsu Kim from Washington.
[ Reporter
] President Biden met with reporters on a beach in Delaware, where he has a private vacation home, and said he was considering temporarily suspending the levy on fuel.
He explained that he would make a decision within this week as the situation was urgent, he said, by waiving the federal fuel tax, which is about 20 cents, to ease the burden on ordinary people.
In order to stabilize oil prices, oil companies repeatedly pressured supply expansion, saying that increasing oil refining was the key.
The U.S. Department of Energy has decided to hold an emergency response meeting with the executives of the seven major oil companies on the 23rd to discuss this issue.
[Biden/President of the United States: The problem is that the only thing the oil companies have done is reduce their oil refining capacity.
You will get an explanation as to why oil companies do not increase their refining capacity further.]
He repeatedly emphasized that concerns over a widespread economic slowdown are not inevitable.
President Biden, in particular, focused on pacifying anxiety, saying there was no such talk in a phone call with former Treasury Secretary Summers, who warned of inflation and recession.
[Biden/President of the United States: I spoke to former Treasury Secretary Summers this morning, and there was no mention of a recession inevitable.]
However, US economists estimate the probability that the US will fall into a recession within a year. Concerns are growing as it appears to have projected 44% higher than during the crisis.