Why cutting the federal gas tax might not help drivers much
CBSN
President Joe Biden has called on Congress to suspend the federal gasoline tax, as millions of Americans feel the financial pinch from soaring gas prices.
Yet suspending the 18.4 cent levy on regular gas (and 24 cents for diesel) might not do much to lower prices at the pump, say energy experts, who also caution that boosting consumer demand for gas as domestic supplies remain constrained and inflation is surging could actually increase fuel costs over the longer term.
The gas tax, which hasn't been increased in nearly 30 years, today makes up just 4.4% of prices at the pump, according to the nonpartisan Congressional Research Service. That makes the tax a much smaller influence on the cost gas than other factors, notably the price of crude oil, cost of refining, marketing and retailers' markups.
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