Will Biden’s Gas Tax Holiday Make a Difference?

▤ Summary

Pennies off at the pump This afternoon, President Biden will ask Congress to lift federal taxes on gas through the end of September, just before the midterm elections, The Times’s Zolan Kanno-Youngs and Lydia DePillis report. The agency is facing a larger-than-normal pileup of returns, the Treasury Department said, with more than twice as many awaiting processing “compared to historical norms at this point in the calendar year.” Nearly four months into Russia’s invasion of Ukraine, the West’s sanctions are looking shaky. Efforts to curtail purchases of Russian fossil fuels appear to have boomeranged, at least for now, The Times’s Victoria Kim, Clifford Krauss and Anton Troianovski report. Adding insult to injury, some Indian companies are buying discounted Russian crude, refining it and selling some of the oil products to the United States, Britain, France and Italy at high prices, according to the Finnish-based Center for Research on Energy and Clean Air. • None Hyatt’s chief executive, Mark Hoplamazian, said at a conference this month that the company wanted to be mindful of local laws when winding down businesses in Russia.

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