President Joe Biden said this week that he’s considering a federal gas tax holiday in response to high gas prices, a move that former President Barack Obama dismissed as a "gimmick" in 2008.
Biden told reporters while in Delaware that he is "considering" a gas tax holiday.
"I hope to have a decision based on the data — I'm looking for by the end of the week," he said.
However, Biden's former boss said while campaigning for president in 2008 that a gas tax holiday was simply a "gimmick" that allows legislators to "say that they did something."
"We don't know that the oil companies will actually pass on the savings," Obama said in April 2008. "So you're saving 5% in terms of the gas tax. It's not clear what would prevent the oil companies from just jacking up prices 5%. So you end up giving them more money. And we've drained the Highway Trust Fund. Now, this is the problem with Washington. We're facing a situation where oil prices could hit $200 a barrel."
He added, "Oil companies like Shell and BP just reported record profits for the quarter and we're arguing over a gimmick that would save you half a tank of gas over the course of the entire summer so that everyone in Washington can pat themselves on the back and say they did something. Well, let me tell you, this isn't an idea designed to get you through the summer, it's designed to get them through an election."
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