U.S. Gasoline Tax Exemption Worth ‘Considering,’ Says Janet Yellen

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A federal gasoline tax waiver to ease the burden of soaring gasoline prices across the country is an idea “certainly worth considering,” Treasury Secretary Janet Yellen told Reuters on Sunday. UKTN’s “This Week” show.

Driving the news: The national average price for regular gasoline hit an all-time high of $5 a gallon earlier this month, as the country has grappled with high inflation for decades.

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What they say : Asked by host George Stephanopoulos if a gas tax waiver was a possible short-term solution, Yellen replied, “President Biden wants to do whatever he can to help consumers. Prices petrol prices have increased a lot and this is clearly weighing on households.”

  • “So he’s open to working with Congress and it’s definitely an idea worth considering,” she added.
  • Yellen called the current inflation rate “unacceptably high” but echoed Biden’s assessment of a potential recession by saying “I don’t think a recession is inevitable.”
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Energy Secretary Jennifer Granholm told UKTN’s “State of the Union” on Sunday that a gas tax break is one option the Biden administration is considering to lower prices.

The big picture: A number of governors and state legislators across the country have taken steps this spring to provide gasoline tax relief in the face of soaring prices, with several governors calling on Congress to back a bill that would suspend the federal gasoline tax — 18.4 cents per gallon — for the rest of the year, writes Shawna Chen of UKTN.

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Editor’s Note: This post has been updated with a comment from Jennifer Granholm.

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