When the tax is just $0.18 per gallon, how much will consumers really notice? And what's to stop oil companies from raising prices again?
The U.S. federal government currently taxes fuel at 18 cents per gallon for gasoline and 24 cents per gallon for diesel and President Biden’s proposal to Congress would give drivers temporary price relief through September.
One of the considerations taken by the White House, according to the New York Times, is this November’s midterm elections. President Biden won’t be on the ballot, but plenty of Democrats face tough challenges. The U.S. economy is faring pretty well by just about every traditional measure, with low unemployment, rising wages, and
, but inflation and soaring fuel costs are taking a huge bite out of the wallets of everyday Americans.Biden will also encourage states to suspend their own gas taxes, which can vary widely across the country. Pennsylvania has the highest gas tax in the state, at $0.57 per gallon, while states like Florida tax gasoline at just $0.19 per gallon.
The U.S. isn’t the only country that’s tried a temporary gas tax holiday in recent months. Australia cut its federal gas tax in half from 44 cents to 22 cents per liter, which expires in
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