This past Monday, President Joe Biden said he is seriously considering a temporary halt in the federal gas tax as the White House looks to take steps to lower the cost at the pump.
White House officials say the July 4 weekend, when tens of millions of Americans are expected to hit the road, is a target for announcing new measures to help lower the record-high gas prices.
The tax holiday is intended to provide relief by temporarily pausing the 18.4 cent tax on every gallon of gasoline.
The measure isn’t guaranteed to pass: It would require Congressional approval, with lawmakers in both parties expressing some misgivings about the plan. Moreover, some economists say much of the savings might not end up reaching consumer’s wallets.
Still, tax policy on gas is likely to remain hotly debated at the federal and state level as prices remain a major concern.
Related: Oil Industry Basics and Record Gas Prices
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