During the speech June 22 at the White House, the president called for a suspension of both federal and state gas taxes through September---which would require new legislation from Congress---as well as new actions by the oil industry to pass along savings to consumers more quickly and also quickly increase refining capacity.

The suite of actions taken together has the potential to reduce the cost of a gallon of gas by around $1, Biden aides say, but each measure could face an uphill battle from lawmakers on Capitol Hill to executives at the top gas companies.

To read more, see Yahoo Finance.