At issue is the 18.4 cents-a-gallon federal tax on gas & the 24.4 cents-a-gallon federal tax on diesel fuel. If the gas savings were fully passed along to consumers, people would save roughly 3.6% at the pump. U.S. gas prices now average about $5 a gallon.
“If you notice, until gas prices started going up,” Biden said, “things were much more, they were much more optimistic.”
“In the immediate near term, it is critical to stem the increase in oil prices,” Zandi said last week, suggesting that Saudi Arabia, the United Arab Emirates and a nuclear deal with Iran could help to boost supplies and lower prices. Democratic House Speaker Nancy Pelosi has previously expressed doubts about the value of suspending the federal gas tax.
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