The White House is studying a range of potential responses to rising gas prices as top Democrats in Congress push the administration to embrace a new tax on large corporate profits ahead of the 2022 midterm elections. tax
With the price of gas jumping after Russia’s invasion of Ukraine and remaining high, Biden administration officials have in recent days conducted what is described as wide-ranging internal talks about potential ideas for bringing relief to consumers.
Biden aides have also discussed ideas that they are less likely to advance. These ideas include rebate checks for motorists and using decommissioned buses in major cities to promote public transit and reduce gas demand, the people said.Additionally, White House officials have had preliminary conversations about a potential “windfall tax” on the profits of large oil and gas producers, the people said, although it is unclear if they will embrace such a measure. On Friday, Sen.
The push from Democratic members of Congress reflects the vexing position facing the administration as it weighs how to encourage private industry to lower prices for consumers and arrest price increases across the economy more broadly.President Biden has at times expressed a desire to work with private industry to promote supply and lower prices, but has simultaneously publicly cajoled producers over high profits and urged them to keep prices low.
The pressure on Biden is likely to intensify as hostilities continue to mount over Russia, the world’s third-largest oil supplier. Gas prices on Thursday were at $4.24 per barrel, according to AAA. That is down slightly from last week but up nearly 20 percent from last month.
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