Biden is calling for a three-month federal gas relief of 18.4 cents per gallon, which is going for $5/gallon on average.
He’s also asking the states to give relief of their state tax on gas.
All of this is unlikely to happen.
“Today I’m calling on Congress to suspend the Federal gas tax for the next 90 days, through the busy summer season, busy travel season,” Mr. Biden said Wednesday.
At issue is the 18.4 cents-per-gallon federal tax on gas and the 24.4 cents-per-gallon federal tax on diesel fuel. If the gas savings were fully passed along to consumers, Americans would save roughly 3.6% at the pump with prices averaging about $5 a gallon nationwide. But many economists and lawmakers from both parties view the idea of a gas tax holiday with skepticism, suggesting it won’t do much to help consumers and could even increase demand.
Bruce
23 June 2022 04:18
2
Why is it unlikely? the Australian federal government halved the fuel excise until September, didn’t make much difference though fuel is currently hovering about $2 a litre.
Congress would have to pass legislation.
Bread
23 June 2022 14:02
4
This will really piss the green lobby off - it won’t happen.
I thought he said that inflation was “transitory” ?
Oh dear…
Bread
23 June 2022 15:35
5
works out at 18c off a gallon.
Laughable really now that petrol is $8 a gallon - about 4 times that when Trump was President.
