Our 18.5 Cent Reality
The impact of a federal gas tax holiday would be extremely modest. On average, a driver in the US uses about 600 gallons of gasoline annually. Suspending the 18.4-cent-per-gallon federal levy would save a typical driver less than $10-a-month. To put it another way, the federal tax represents about 3% of the cost of $5-a-gallon gasoline."
My bet is that within a week the oil companies will raise the price by more than that amount. Laughing all the way to the bank.
Greedy bastards: Shell’s profits were 280 percent higher than in the first quarter of 2021. ExxonMobil made $23 billion in total profits in 2021. Where did the profit go? Exploration, cost adjustments at the pump, job creation cleaning the environment? it was used to buy back stock while the two alone cut 14,000 jobs. Also giving executives and CEOs $394 million in compensation bonuses—a nearly $45 million increase since 2020. (These Top 5 Oil Companies Just Raked In $35 Billion While Americans Pay More at the Pump)
So is inflation Joe Biden's fault? Where I fault Biden and Harris in that there was no action quickly and decisively to protect the American consumer. The 18.5 Tax Holiday is a good example of "too-little-too-late". And, don't get started on the baby formula mess. Inaction breeds contempt. Sadly, these two are toast, with two and a half years to go.