USA's Gas Tax Holiday Good or Bad?

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President Biden today asked congress to provide some relief to US consumers by putting a moratorium on gas tax for three months.

At issue is the 18.4 cents-per-gallon federal tax on gas and the 24.4 cents-per-gallon federal tax on diesel fuel.

This equates to around 3.6% discount to consumers, a drop in the bucket. Still it will help, should it not?

Former President Obama Hates Gas Tax Holiday

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Someone on twitter tracked down on flashback recorder of former president Obama stating why a gas tax holiday is not good and that it is a political stunt.

https://twitter.com/Forbes/status/1539658221861740544

Biden's Approval Ratings

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So is Obama foretelling what Biden plans to do? Biden concern of this poll rating that he is doing what essentially appears to be things that appeases to voters in hopes of getting poll numbers.

What happens then if or when the stock markets crashes, or food prices rise to an extreme level that can't be paid, or a breakout in war hurting the economy, all these scenarios can potentially pull down Biden's approval rating even more. Can it factor how Biden governs the country since he is so concern about his approval rating? Food for thought.

None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!



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8 comments
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The funny thing is it's about .18 USD, so not going to matter much when many of us are paying over $6

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Not to mention food and goods delivery likely rise in price to offset the oil increase. The tax holiday does little to benefit people.

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Would these “savings” even be passed on to consumers? Given current high demand plus supply constraints, what’s to stop petroleum companies from simply pocketing it?

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It’s really a ploy trying to make Americans feel the government is trying to help. Oil refineries are worried the government will punish them and go with green energy. Yet it wasn’t that long ago where coal industry was crushed. It’s not that simple. Oil and coal are necessary with its power output to $ spent is better than green energy. Until technology can really advance green energy to bet oil it’s going to be a rough road for the globe transitioning into green energies.

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It's not going to make much of a difference and I don't think it's a surprise that Obama is not a fan of the holidays. The approval numbers are killing Biden and I am sure he wants to try to score some points.

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So question now is what will Biden come up with next to try getting his approval numbers higher? Lol

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