The Biden administration is well aware of the impact the gas price hike is having on Americans and has taken some action in the last few days.
WASHINGTON — Gas prices continue to set records across the country with the national average hovering around $4.20/gallon.
Russia is the world's third-largest energy producer. The Biden administration is well aware of the impact the hike is having on Americans and has taken some action in the last few days. "We want to know what’s causing these record-high prices and what needs to be done to bring them down immediately," Rep. Diana DeGette said, announcing the hearing. President Biden has called on Congress to penalize companies that have leases to drill on federal lands but currently are not. Some economists believe an increase in American energy production would offset what is being lost from Russia because of the conflict.
However, that idea still lacks the necessary support for passage, with some on Capitol Hill preferring a suspension of the federal gas tax instead. Currently, the federal gas tax is 18 cents a gallon. That has some opponents as well.
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