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Federal gas tax holiday from government could save drivers $2.75

Congress was called on by President Joe Biden to issue a federal gas tax holiday for three months.

money going into a gas tank respresenting expensive gas prices as Biden asks for a federal gas tax holiday

Inflation has caused an increase in prices by 8.6% since last May, with gas and energy costs suffering the most.

Energy costs are up 34.6% in the last year.

Gas costs are up 48.7% in the last year.

What could a federal gas tax holiday do?

If a gas holiday was issued, then the 18.4 cents of tax per gallon would be suspended temporarily.

The average size of a gas tank for a smaller car is 12 gallons, meaning around $2.21 would be saved each time someone filled it.


Biden’s proposal for suspension on fuel taxes

Larger cars hold 15 gallons, and the savings would be $2.75 for each fill up.

If a driver fills up once a week, the yearly savings could be up to $133 depending on how long a gas tax holiday remained in place.

While it won’t fix everything, it could help a bit.

The national average for a gallon of gas on June 20 was $4.97.

There doesn’t appear to be a drop in price happening anytime soon.

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