The US President has just called on Congress to suspend the calculation of gasoline taxes to support people during the current price storm.
Currently, the US is taxing an absolute tax of 18.4 cents per gallon of gasoline (equivalent to 1,200 VND/liter). This is the tax rate applied from 1993 to present.

At that time, the price of gasoline in the US was only 1.05 USD/gallon (equivalent to 0.27 cents/liter, about 4,600 VND/liter of gasoline). Gasoline prices in the US have now climbed to nearly 5.2 USD/gallon (equivalent to 1.3 USD/liter, 30,000 VND/liter of gasoline).

In general, the higher the price of gasoline, the smaller the tax on gasoline. Therefore, with the current gasoline price, a liter of gasoline in the US only carries 4% of the tax.

Yesterday (June 22), in the face of increasing gasoline prices, US President Joe Biden called on Congress to temporarily stop charging gasoline prices from here until September 2022.

However, experts estimate that the reduction of gasoline tax will greatly affect public investment. Tax revenue from gasoline both supports the economy and is an important source of money to invest in highways, bridges, and the public transportation industries.

Global crude oil prices today (June 23) dropped sharply. Accordingly, Brent oil is 109 USD/barrel, WTI oil is 104 and OPEC oil is 113 USD.