Biden to Call on Congress to Approve a 3-month Gas Tax Holiday

It’s only the first day of summer and it seems as if summer 2022 is already going to go down in the history books as the year when gas prices skyrocketed.

It’s kind of hard to not run into a conversation about this as the national average as of today is just under $5 for a gallon of gas with some states like California being as high as $6.38 on average for a gallon of gas. Not only is it putting a damper on many fun summer activities. The gas prices are impacting pretty much every part of life from commuting to work all the way to the cost of goods. When we really think about it, just about everything that we interact with in some way is related to the price of gas.

The phenomenon has really left most of us to wonder if this is going to be the new normal or if prices will ever come down. Apparently, Washington DC has been discussing what they might do in order to help combat gas prices with one of the most recent talks being a federal gas tax holiday to help save money at the pump. Reportedly, the savings will come to as much as $.18 per gallon depending on where you fill-up.

To put that in perspective, drivers of larger vehicles like the 2022 Chevrolet Suburban will save up to $5.04 if they completely fill up the truck’s 28 gallon tank. Of course, most other vehicles will save less.

President Biden said that he will make a decision by the end of the week if such a holiday is a good idea. Biden said that he is going to use data to try and make the best decision possible.

It seems as if opinions are split on what kind of an impact this temporary discount will make. While some folks argue that the $.18 break will help them out a little bit, others argue that bigger picture decisions need to be made or should have already been made so that this situation didn’t arise in the first place.