Oil Slumps As President Biden Calls For Gas Tax Holiday To Ease Pump Prices

Published by
The Street

By Martin Baccardax President Biden’s call for a Federal gas tax holiday could cost the nation’s Highway Trust Fund around $10 billion in revenues. President Joe Biden will ask Congress to suspend the federal gas tax for at least three months Wednesday, while for similar relief from state legislators, as his administration looks ease a key component of domestic inflation in the world’s biggest economy. Federal gas taxes add around 18.4 cents per gallon to unleaded pump prices, as 24.4 cents to diesel, with the revenue collected used in part to fund highway and infrastructure projects. The Pres…

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