Headline RoundupJune 24th, 2022

Is Biden's Gas Tax Holiday a Good Idea?

Summary from the AllSides News Team

President Joe Biden called on Congress to pass a federal gas tax holiday. Would it make much of an impact?

Energy analysts estimate that pausing the 18.4-cent federal tax per gallon of gasoline for a 3-month period would save drivers between 9 cents and 15 cents per gallon. It would cost the government roughly $10 billion, which would likely come from the Highway Trust Fund. Some states, such as New York and Georgia, have already cut their gas tax for some or all of 2022. 

Many Republicans oppose the idea, and most Democrats aren't rushing to support it. Sen. John Thune (R-S.D.), the Senate's #2 Republican, said the plan was "dead on arrival." Senate Majority Leader Chuck Schumer (D-N.Y.) said Democrats would instead focus on how to "crack down on Big Oil’s manipulation of the oil markets."

Many voices across the spectrum criticized the idea. Writers on both left and right opposed how the plan would reduce the Highway Trust Fund, and questioned whether that cost was worth the purportedly minimal short-term savings Americans would see. Some media voices, like MSNBC's (Left bias) Joe Scarborough and Mika Brzezinski, supported the plan, with Scarborough saying Biden "wants to cut taxes on fuel prices when people are suffering, why is that a silly idea?" Wall Street Journal's Editorial Board said "Biden’s energy policy is a jumble of incoherence," and that he "wants political relief from high gas prices but only to get past the next election."

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