A federal “gas tax holiday” may be around the corner for Americans - but how much will it help?
A federal gasoline tax holiday may be decided on by the Biden Administration at some point this week. An action of this type could save U.S. consumers as much as 18.4 cents a gallon. The federal gas tax is usually allocated to maintaining U.S. roads. Oil refineries are working at nearly a maximum capacity, and many refineries have been shut down in order to place more focus on renewable fuel production.
Sparing the public from the continuous rise in gas prices may be on the Administration’s mind, but how much will this really help? And what are the consequences of this type of action?
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