"By suspending the 18-cent gas tax, federal gas tax, for the next 90 days, we can bring down the price of gas and give families just a little bit of relief," Biden said in a speech from the White House. What is a gas tax holiday? Revenue raised from the federal gas tax helps finance the Highway Trust Fund, which is already short on funding. The federal gas tax hasn't been increased since 1993, when gas was selling for just over $1 a gallon. The federal tax on gas is about 18 cents per gallon, while the federal tax on diesel stands at 24 cents per gallon.

Source: CNN June 23, 2022 00:19 UTC