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President Biden Calls For Three Months Gas Tax Holiday

President Biden Calls For Three Months Gas Tax Holiday

There could soon be some relief for consumers suffering high gas prices. President Joe Biden is calling on Congress to pass a Federal gas tax holiday — three full months with no Federal gas tax. It wouldn’t be a huge change, but could at least give consumers a tiny break. However, there are still hurdles to cross.

The White House announced Wednesday morning that President Joe Biden is calling on Congress to enact a Federal gas tax holiday, giving the nation 3 months of freedom from federal taxes on every gallon of gas.

Of course, the first hurdle is Congress — this would have to pass not only the House, but a contentious Senate. Even if it does so, the Federal tax on gas is only about 18 cents per gallon — 24 cents on diesel. Most Americans would take that discount happily, but that doesn’t mean it’s enough, and the president says as much himself.

President Biden understands that a gas tax holiday alone will not, on its own, relieve the run up in costs that we’ve seen. But the President believes that at this unique moment when the war in Ukraine is imposing costs on American families, Congress should do what it can to provide working families breathing room.

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That’s why he goes on to list a series of additional efforts he hopes will also help reduce the strain on consumers’ wallets. First, he’s asking states to enact similar measures. This could reduce consumers’ costs by more than another 50 cents per gallon in some states, and between 20 and 40 cents in most states — see a tax chart here at IGEN.

He’s also attempting to work with oil companies to bring down prices overall, releasing additional barrels from the petroleum reserve, and increasing access to biofuels to increase the overall supply.

You can read President Biden’s

A gas pump displays the price of fuel at a gas station in McLean, Virginia, June 10, 2022. (Photo by SAUL LOEB/AFP via Getty Images)
full current plan here.

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