Federal gas tax holiday: Drivers could save $2.75 on gas every time

President Joe Biden has called on Congress to enact a federal gas tax holiday.

full gas tank

Since last May, inflation has sent prices up 8.6% overall.

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Will the federal gas tax be enacted?

Overall energy costs have risen 34.6% in the last year, and gas prices have gone up 48.7%.  If Biden enacts the holiday, it would suspend the 18.4 cent per gallon gas tank.

To give you an idea, the tax holiday would save drivers with a 12-gallon take about $2.21 each time. For larger cars that hold 15-gallons, turns out to be $2.75 in savings each time.

As of June 20, the national average for a gallon of gasoline was $4.97.

Despite the encouragement to enact the federal gas tax holiday to provide temporary relief, it seems unlikely to be passed in Congress.

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