Biden calls on Congress to suspend federal gas tax

President Biden will on Wednesday call on Congress to suspend the federal gas tax for three months, ask states to do the same and demand that oil and gas companies boost production and pass on any savings directly to consumers, according to administration officials.

Why it matters: Democrats know that $5 dollar-a-gallon gas is a daily — and politically deadly — reminder that the country's annual inflation rate has soared to 8.6% under Biden's watch.

By the numbers: Biden officials claim that eliminating state and federal taxes, as well as convincing oil and gas companies to pass on any savings to consumers, can lower the price of gas by about $1-per-gallon.

The big picture: In addition to blaming Vladimir Putin, Biden has been suggesting that the oil and gas industry is also responsible.

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