Trump's Federal Gas Tax Holiday Isn't Likely to Bring Down Prices
Key takeaways
- But experts tell WIRED that it’s unlikely that any rollback—even temporary—of the fee will save consumers much as the unofficial start to summer travel season nears.
- The average price of gasoline across the country was $4.53 per gallon as of Thursday, up from $4.12 a month ago, and $3.18 last year, according to AAA.
- Even if the tax is suspended for the summer, drivers wouldn’t necessarily see much in the way of savings.
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Photograph: Brian Kaiser/Getty Images Comment Loader Save Story Save this story Comment Loader Save Story Save this story As gas prices stay stubbornly high across the country, President Donald Trump mused this week about suspending the fuel tax US consumers pay. The idea is also picking up steam in Congress, with Democratic and Republican lawmakers pushing for a gas tax holiday.
But experts tell WIRED that it’s unlikely that any rollback—even temporary—of the fee will save consumers much as the unofficial start to summer travel season nears.
“It's unlikely that oil prices, gasoline prices, diesel prices are going to fall back to where they were in February any time in the next couple months,” says Clark Williams-Derry, an analyst at the Institute for Energy Economics and Financial Analysis.