Even if Congress approves a proposal to temporarily lift the federal gas tax, a variety of other factors and transportation and processing delays would mean American consumers would see little difference at the pump.
Experts say pausing the federal gas tax would do little to save U.S. consumers money this summer, reports Molly Taft in Mother Jones.
The federal gas tax, which adds 18 cents per gallon, would require an act of Congress to suspend. A pause on it would be unlikely to significantly lower prices at the pump, Taft notes. However, it would have a dramatic effect on federal revenue for the Highway Trust Fund, which already faces insolvency. "Cutting off revenue, even temporarily, would only exacerbate the problem. There’s also a possibility that a temporary break could be extended indefinitely, given the political risks of reinstating it, particularly as midterms near."
According to Taft, "Even if the Strait of Hormuz immediately opens up tomorrow, the effects of the new supply could take a while to reach consumers—likely a month or more as tankers travel to customers and production facilities start back up again."
Read the full story: Why a Federal Gas Tax Holiday Is a Terrible Idea
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