China News Service, June 21 (Xinhua) According to comprehensive foreign media reports, on the 20th local time, US President Biden said that a decision on whether to suspend the collection of federal gasoline taxes may be made within this week.
The U.S. is struggling with soaring gasoline prices and record inflation.
Data map: US President Biden.
Biden confirmed to reporters that a move to suspend the federal gas tax is under consideration.
He said, "Yes, I'm thinking about it. I'm hoping to make a decision based on the data and expect results by the end of the week."
Biden also said members of his team would discuss the continued rise in oil prices with major U.S. oil companies.
"I want to get an explanation from them why they're not refining more oil," he said.
Recently, Biden has repeatedly criticized the behavior of oil companies for "earning excess profits".
According to the Associated Press, the Biden administration is looking for ways to lower oil prices.
The Biden administration has already released a lot of oil from the U.S. strategic stockpile and expanded the use of ethanol-blended gasoline.
In addition, the Biden administration has sent letters to energy companies urging them to increase refining capacity, but those efforts have yet to bring down prices significantly.