According to Forbes, the average American would save less than $10 each month if the federal tax were suspended. As Leah noted, Biden's former boss then-President Barack Obama doubted the worth of a federal gas tax holiday and called such an idea a "gimmick," but there's another problem with the likely result of a suspended gas tax that contradicts one of Biden's biggest talking points. As Forbes explained recently:Cutting gas taxes does nothing to address supply, and potentially increases demand. Thus, you could easily see gasoline prices quickly rebound back to where they are now following a gas tax cut. This increased demand will, in turn, drive up the price, potentially higher than it was before the federal tax was suspended.

Source: Washington Post June 22, 2022 23:25 UTC