Suspend the Gas Taxes - Will This Work?

Could gas prices get any higher? Yes, they can and it is expected that gas and diesel prices will continue to increase. President Biden has asked Congress to place a 3-month pause on the federal gasoline and diesel taxes for three months.  The 18.4-cent federal gas tax, which helps fund infrastructure work, could be dropped if congress votes to approve it. This money is just a small amount of what consumers pay for a gallon of gas and that is often eclipsed by state gas taxes which are typically much higher. This 3-month pause would also remove the 24.4 cents for diesel fuel. This does not mean that consumer will save 18.4 cents per gallon of gasoline, if passed. Gas companies can increase the prices based on costs to extract, refine and deliver gasoline. Congress is likely to reject the White House effort to back a suspension of the federal gasoline tax. Why would they do this to us? If you have additional questions, put them in the comments below and I'll be happy to answer.

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