Wednesday, President Biden will call on Congress to suspend the federal gas tax for three months in an effort to lower the prices at the pump. At the same time, he is pushing gas companies to boost production.
At most this would bring down the price of gas by about a dollar, but that adds up.
“Having a federal gas tax holiday along with states following suit could be a 10% savings for hard-working Americans,” said Robert Wolf, former CEO of UBS Americas and an Obama economic adviser.
“While many economists call it a gimmick, if President Biden aligns the timetable to the heightened driving months like this summer, then it can truly help offset some of the direct rise caused from the Ukraine-Russia crisis.”