A record-high gasoline price has prompted President Joe Biden to call on Congress to suspend the federal gas tax for 90 days. The federal tax for regular gasoline is 18 cents per gallon, and for diesel, it is 24 cents per gallon. “I call on the companies to pass this along — every penny of this 18 cents reduction — to the consumer,” Biden said Wednesday. “There’s no time now for profiteering.” According to the president, such a move would not impact the Highway Trust Fund, as other revenues could be used to pay for the roughly $10 billion costs. In addition, Biden urged states to suspend their gas taxes or find other means of bringing relief to the economy. However, some have noted that suspending the gas tax will only maintain demand and not address structural problems.

There has been a rebound in demand for petroleum products as global economies have reopened while supply has remained constrained. In addition, a lack of refining capacity has contributed to the increase in prices. “I fully understand that the gas tax holiday alone is not going to fix the problem. But it will provide families some immediate relief. Just a little bit of breathing room as we continue working to bring down prices for the long haul,” Biden said. With inflation at a 40-year high, prices are rising across the board. However, the rise in gasoline prices is particularly noteworthy. Earlier this month, the national average price of a gallon of gasoline surpassed $5 for the first time on record. In addition to calling the surge in prices “Putin’s price hike,” Biden has also criticized oil and gas companies for prioritizing profits over consumers.