Page 22 - Michael Wirth News Today

© Reuters. FILE PHOTO: A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, US November 22,

President Joe Biden will call on Congress to suspend federal gas and diesel taxes for three months. The gas tax holiday is meant to ease financial pressures at the pump.

In a pointed back and forth, the head of Chevron complained Tuesday that President Joe Biden has vilified energy firms at a time when gasoline prices are at near record levels and the president responded that the oil company CEO was being “mildly sensitive.”

President Joe Biden is no fan of oil companies, and his sarcasm was on full display Tuesday, when a reporter asked the president about a letter the Chevron CEO wrote to Biden.

The move is meant to help consumers at a time of sky-high inflation and gas prices — and to help the president's sagging political standing. But it's already being met with skepticism.

Officials say Biden wants to suspend the 18.4 cents-a-gallon tax on gas and 24.4 cents-a-gallon on diesel fuel. Could save consumers roughly 3.6% at the pump.

Oil futures fell more than 5% on Wednesday to more than 5% against one-month price lows amid growing fears that the Fed's and other central banks&#039

President Joe Biden on Wednesday will call on Congress to suspend federal gasoline and diesel taxes for three months — a move meant to ease financial pressures at the pump that also reveals the political toxicity of high gas prices in an election year

Biden wants to suspend the 18.4 cents-a-gallon tax on gas and 24.4 cents-a-gallon on diesel fuel, administration officials say. Prices are averaging about $5 a gallon nationwide.

By Sabrina Valle and Ruhi Soni (Reuters) -Chevron Corp on Wednesday signaled its move into the booming U.S. liquefied natural gas (LNG) export market with