As Biden weighs a federal gas tax holiday, here’s what that could mean for prices at the pump

Drivers in the U.S. have faced high gas prices for a long time.

The president is considering a gas tax holiday.

The price of a gallon of gas has gone up. Earlier this month the national average crossed the $5 threshold for the first time. Prices have gone up from a month ago and a year ago.

In some states, the average gas price is more than $5.50 a gallon. The average price for a gallon of gas in California is $6.38

According to Personal Finance, 80% of economists see Stagflation as a long-term risk.

The federal gas tax is 18.4 cents per gallon.

The federal gas tax would be suspended through the end of the year under a proposal made in February by two senators.

In a Sunday interview with ABC News, Treasury Secretary Janet Yellen said that it was an idea that was worth considering.

Biden said on Monday that he is thinking about it.

Some people don't like the idea of doing away with the gas tax.

The Penn Wharton Budget Model at the University of Pennsylvania found that savings from such a break wouldn't be very significant for consumers.

According to Kent Smetters, a professor at the University of Pennsylvania's Wharton School, the savings per person could be as low as $50.

According to the March report, if a gas tax holiday were put in place through the end of the year, federal tax revenue would be lowered.

Gas taxes fund a lot of important road safety programs.

Smetters said that most of the savings from those changes won't be passed on to consumers.

The Highway Trust Fund funds roads and bridges and other transportation costs. The Highway Trust Fund usually gets tax revenue from the general fund, but the Senate wants to change that.

Andrew Gross said that federal taxes made up a small portion of what consumers spent on gas.

He said that the cost of oil is the most important factor in determining the cost of gas. The rest includes federal and state taxes.

The proposed federal legislation has been opposed by the American Association of State Highway and Transportation Officials.

A lot of road safety programs are funded by gas taxes. Our road safety needs are not going to take a holiday.