What Does It Mean for You If the Federal Gas Tax Is Suspended?

At issue is the 18.4 cents-a-gallon federal tax on gas and the 24.4 cents-a-gallon federal tax on diesel fuel. President Joe Biden is also calling on states to suspend their gas taxes and retailors to immediately lower their prices to reflect the savings. And he’s pushing the oil industry to step up supply. For many, it would be welcome relief to their wallets, but for others, it’s too little too late.