RIO GRANDE VALLEY, Texas (ValleyCentral) — President Joe Biden to propose a federal gas tax cut to Congress.

Local gas station businessman Alex Hinojosa Jr., president of Hino Gas Inc., said one contributor to high prices is a low supply and high demand.

“The main contributor is not enough supply, economy 1-on-1 supply and demand,” said Hinojosa.

Contributing to low supply aside from demand is scarce amounts of crude oil, according to Hinojosa.

“Now with the sanctions on Russia almost 100% of that crude oil from Russia is not coming to our refineries and that’s why we’re having these high prices,” said Hinojosa.

Consumers, like Chipman Falls, said he is spending $60 on 15 gallons of unleaded gas.

“I think that it’s a little outrageous and wish that it would go down pretty soon,” said Falls. “$67.28 for only 15 gallons.”

However, Hinojosa said he does not predict the demand to go down any time soon.

“Now they’re on the go, planes are going, buses are going, trains are going everything is going and we’re short supply,” said Hinojosa.

Biden’s proposal to Congress would cut about 18 cents per gallon at the gas pump for 90 days, temporarily. However, according to spokesman Daniel Armbruster for AAA Texas, that 18 cents might not be significant enough.

“For the simple fact that gas taxes make up less than a 5th of prices that you pay at the pump just removing that offers a little margin for price decreases when compared to other factors,” said Armbruster. “The cost of oil makes up 53% of the cost of a gallon for gas.”

Hinojosa said he believes there is only one solution, “The only solution is to increase supply–we have to increase supply.”

AAA Texas expects this independence day to be the highest recorded traffic volume with a predicted 3.1 million Texans traveling 50 miles or more despite gas prices.